Hird, whose career is littered with accolades - two premierships, premiership captain, Norm Smith medallist, Brownlow medallist, five club best and fairests, All-Australian - accepted the honour at Melbourne's Crown Palladium.
He said the life experiences his seventeen-year and 253-game career had taught him had made him a better person.
"The premierships were great, but the football club has taught me that life has it’s challenges, and you use challenges to make you a better person," Hird said.
Though he was struck by several serious injuries, Hird said they were also used constructively.
"The one thing I always said was I'd be a better player the next time I walked on the ground than when I was when I walked off it," he said.
Essendon President David Evans saluted Hird on a magnificent career.
"James, you are a true champion and a champion friend as well. Tonight is a wonderful recognition of your enormous contribution to the club," Evans said.
Ken Fletcher, Hugh Torney and David Shaw were also inducted into the club's Hall of Fame.
More to come
