He told BBC Sport: "It's special to be recognised by the club where I had my biggest impact as a footballer.
Ferguson had joined Dunfermline from St Johnstone in 1964 and went on to score 66 goals in 88 appearances during three seasons with the Fife club.
"Although I always wanted to go to Rangers at that time, because they had started to become successful, I was a Rangers fan and I was born a mile from the ground, this was my best place," Ferguson said before being honoured at East End Park.
"Willie Cunningham brought me from St Johnstone to Dunfermline, for which I was eternally grateful because I would not go full-time unless I was going to a club with real ambition.
"I think, from 1964-1968, Dunfermline were one of the top three teams in the country.
"We had a great spell, with great players with great character.
"They were fighters and would not lie down to anybody."