Champion midfielder Wayne Campbell and triple Brownlow medallist Ian Stewart were joined by dual premiership player Wayne Walsh and 1930s hero Tom O'Halloran as new inductees.
The Tigers couldn't have planned their celebrations better, with Saturday's 38-point win over Adelaide sending the club to sixth on the ladder and strengthening their finals chances.
The mood of optimism in the room was summed up by president Gary March, who said: "We're in a position we haven't been for a very long time … we're on the verge of something special".
Coach Damian Hardwick also addressed the crowd at Crown Palladium, putting the 7-4 Tigers' September ambitions firmly on the agenda.
"With the ability we have in our side, it'd be disappointing if we didn't play finals," he said.
"I think the boys are starting to believe they've got the capability to play there."
Stewart, who crossed from St Kilda late in 1970, won his third Brownlow Medal with Richmond and was a member of the 1973 premiership team.
The brilliant centreman also won the Jack Dyer Medal as Richmond's best and fairest in his first season with the club and is a member of the Tigers' team of the century.
He revealed on Saturday night, however, that he hadn't seen his Brownlow Medals in more than 40 years.
"I misplaced them," Stewart said.
"Shopkeepers would say can we put one in the window and it'd be there for two or three years … then they just disappeared."
Stewart, who played 127 games for St Kilda before joining the Tigers, wouldn't say where his loyalties lie 38 years after his career ended, but he did say it was "fantastic to see Richmond roaring again".
Campbell, who played 297 games for Richmond between 1991 and 2005, led the Tigers through a lean period and remains at the club as head of leadership development and opposition analyst.
A ball magnet and great decision-maker, he earned All Australian honours twice and won four best and fairest awards.
A dashing wingman, Walsh was a member of the Richmond's 1973 and 1974 premiership teams, returning to Tigerland midway through 1972 after a brief stint with South Melbourne.
He earned a reputation as a big game player after strong performances in the 1973 and 1974 Grand Finals before retiring at the end of 1978.
Another strong performer in Grand Finals, Tom O'Halloran played 142 games for Richmond as a forward/ruckman.
A dual premiership player 1932 and 1934, he played in losing Grand Finals from 1927-1929 and again in 1931 before success came.
Nathan Schmook is a reporter for AFL Media. Follow him on Twitter: @AFL_Nathan
