As Gray's remains were never found, he was listed as missing in action and presumed dead. He is commemorated, with other Canadians who died or were buried at sea during the First and Second World Wars, at the Halifax Memorial in Point Pleasant Park, Halifax, Nova Scotia. The War Memorial Gym at University of British Columbia, Royal Canadian Legion hall in Nelson, numerous other sites in Nelson, and the wardroom of HMCS Tecumseh (his RCNVR home unit) also bear plaques in his honour.

A memorial service honouring Gray's act of bravery was held in 2006 and a memorial erected at Onagawa Bay, just metres away from where his plane crashed.[4] This is the only memorial dedicated to a foreign soldier on Japanese soil. Following the devastation of the March 11, 2011 earthquake, the monument was moved from its original location in Sakiyama Park to one beside the hospital in Onagawa Town. A rededication ceremony was held 24 August 2012.

Gray is one of fourteen figures commemorated at the Valiants Memorial in Ottawa.

A cousin of Gray, filmmaker Ian Herring, in 2005 made a fictionalized film about him, The Last Battle of Hampton Gray.

To celebrate the Centennial of the Canadian Navy, during the 2010 air show season, Vintage Wings of Canada flew at events across Canada in a Corsair bearing the markings of the plane Gray was likely flying that fateful day.