Standing in front of artwork depicting Manhattan as a yellow submarine and John Lennon as the pilot displaying the peace sign, Yoko Ono joined Bono and other guests to honour her late husband.
Ono said the tapestry, on display at the Ellis Island National Museum of Immigration in New York, is "so special" and that the Beatles star would have loved it.
The artwork was commissioned by Art for Amnesty founder Bill Shipsey to thank Ono on behalf of human rights group Amnesty International, which has raised more than $5m in royalties from covers of Lennon's post-Beatles music since 2004.
Music executive Jimmy Iovine, Bono and The Edge, covered the cost for New-York-based Czech artist Peter Sis to design the commemorative piece.
"This is a very happy moment for the family," Ono said.
At the event, City Council Speaker Melissa Mark- Viverito declared July 29 as John Lennon Day.