Rambis, the school's all-time leading scorer with 1,736 points, was surrounded by his immediate family members and several former college teammates during the presentation.
Rambis played 14 seasons in the NBA between 1982-95, helping to win four titles in his nine years with the Lakers.
Rambis said Monday he never played for the money but because he enjoyed the game and wanted to win an NBA championship.
Rambis became the seventh Santa Clara player to have his jersey retired. Former NBA MVP Steve Nash is among that group.