Thursday's lineup featured the school's marching band, dancers, an a cappella performance, and many speakers, including the Lakers' Derek Fisher and Bryant himself.
"It's not Showtime," joked Lower Merion principal Sean Hughes, "but we do like to throw a party at Lower Merion."
Bryant, formerly of Wynnewood, donated $411,000 to fund the facility - part of Lower Merion High School's newly completed $100 million campus, which opened this fall.
"He's someone that doesn't like to come back to a lot of fanfare," said school district spokesman Doug Young. "This was a chance for us to honor his contributions."
In reminiscing about the parade after the Aces' 1996 state title, speaker Wendell Holland, a "distinguished alumnus" (and former chairman of the Pennsylvania Public Utility Commission) said: "It was like the Phillies in 2008 and it is like we're going to be with the Eagles in February of 2011."
That brought a round of applause.
Fans - some of whom paid up to $250 a ticket to attend Thursday's fete - milled around high school halls decorated with photos and news clippings chronicling Bryant's standout senior season.
All of Thursday night's ceremony was dedicated to the growing legacy of Lower Merion's most famous alumnus: Bryant, a five-time NBA champion at age 32.
"Just seeing the work ethic, just seeing the time, I was there," remembered Aces teammate Jermaine Griffin. "I watched Kobe put in that work. You talk about dedication, attitude, determination, that dude KB, that's where it's at."
The list of speakers was wide-ranging, from Bryant's high school coach to his high school English teacher, Jeanne Mastriano.