Commemorative caps were presented by ICC Director and Cricket Australia Chairman Jack Clarke to the families of the deceased legends as well as Steve Waugh. Waugh was then driven around the outfield in an open-top car, accompanied by his three children, to allow the crowd to show its appreciation for the former Australia captain.
The Hall of Fame, run in association with the Federation of International Cricketers' Associations (FICA), recognises some of the legends of the game from its long and illustrious history.
Steve Waugh was born on 2 June 1965 in Canterbury, Sydney and made 10,927 Test runs including 32 Test centuries during his prolific career.
He has twice been an ICC Cricket World Cup winner and captained Australia to 41 Test wins from 57 matches, with an outstanding winning percentage of 71.93. Upon retirement, Waugh had played 168 Tests - more than anyone else in the history of the game.
Waugh said upon receiving his cap: "It's a great honour to be inducted into the ICC Cricket Hall of Fame and see my name alongside such greats of the game.
"To be inducted today in front of my home crowd, with my family here is fantastic and never would I have dreamed when I first started playing for Australia would I be named alongside the likes of Don Bradman, Victor Trumper or any of the other players honoured today. It is a special group of players.
"I never took for granted playing cricket for Australia and saw it as a privilege to walk out for my country."
Joining Waugh in the Hall of Fame today was one of Bradman's 1948 'Invincibles', Ray Lindwall.
Born on 3 October 1921 at Mascot, Sydney, Lindwall bowled with genuine pace, great accuracy and effective late out-swing. He formed one of the most successful new-ball partnerships with fellow inductee Keith Miller.
One of Lindwall's best Test series was in England in 1948 when he took 27 wickets at an average of 19.62. He became Australia's leading Test wicket-taker when he passed another Hall of Fame inductee, Clarrie Grimmett's record of 216.
Lindwall's batting was of such a standard that he could be considered an all-rounder and had two Test centuries to his name. He captained Australia in one Test against India in Bombay in 1956 when then captain Ian Johnson was injured.
Before concentrating on cricket he played first grade rugby league as a full-back. Lindwall passed away in Brisbane on 23 June 1966 and his widow, Peg, collected the bowler's cap on his behalf.
Lindwall shared a famous and destructive opening bowling partnership with Miller who was also inducted into the Hall of Fame today.
Born on 28 November 1919 in Melbourne, Miller was a dashing, match-winning, all-rounder who was a great crowd-pleaser.
A powerful right-handed middle-order batsman he was capable of a delicate late cut. He had a classic high bowling action and could produce a variety of deliveries and genuine pace when needed.
In the Ashes series against England in 1946-47 he scored 384 runs at an average of 76.80 and took 16 wickets at 20.87.
Miller was known for his wartime heroics during World War II as a pilot for the Royal Australian Air Force and also played Australian rules football with much success. He died in Mornington, Melbourne on 11 October 2004 and today his cap was collected by his son, Denis.
Bill 'Tiger' O'Reilly was born on 20 December 1905 at White Cliffs, New South Wales and was one of the great leg-spinners of all time. O'Reilly was known to bowl his leg-spinners, googlies and top-spinners at an unusually fast pace.
He was a hard-hitting lower-order batsman who thumped a half-century in just 31 minutes against South Africa at Johannesburg in 1936. That 1935-36 series in South Africa was his best with the ball, as he took 27 wickets at an average of 17.03.
Bradman regarded him as the finest bowler he saw, while O'Reilly and Grimmett are the most successful wrist-spinning pair in cricket history. O'Reilly died at Sutherland, Sydney on 6 October 1992 and Mr Clarke presented the late O'Reilly's cap to his son, Peter.
The final inductee today at the SCG was Victor Trumper. He was born on 2 November 1877, in Darlinghurst, Sydney and Victor Trumper was one of the most brilliant Australian batsman of his generation.
In 1899 he became the first Australian batsman to score a triple century in England with 300 not out against Sussex at Hove. In 1902 he became the first of only four players to score a century on the first morning of a Test match, making 103 not out before lunch against England at Old Trafford.
When Trumper scored 135 not out against England at Lord's in 1899, WG Grace presented him with a bat with the words: "From the present champion to the future champion."
Upon his death from Bright's disease in 1915, at only 37 years of age, 20,000 mourners lined the route to the cemetery in Sydney to pay their respects to a modest but celebrated legend of the game.
Trumper's granddaughter, Janice, received his Hall of Fame cap on behalf of the family.