He told BBC Sport: "It's special to be recognised by the club where I had my biggest impact as a footballer.
"It's where I played my best football and this is where I appreciated my football most because I was playing with guys who cared about the game."
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."