Born in 1942, Gibson established himself as one of the true greats of the game.
During his glittering career he not only racked up 69 Ireland caps, to become the World's most capped player at the time, but went on a staggering five Lions tours.
During his Lions career Gibson made 66 appearances, including 12 Tests, and scored 124 points. He was an essential ingredient in the victorious tours of New Zealand in 1971 and South Africa in 1974.
Gibson was presented with the commemorative cap and gold pin by former IRB chairman and current World Cup Director Dr Syd Millar CBE at the annual Ulster rugby awards ceremony in Belfast.
"It is an honour to be inducting a man who I had the great pleasure of playing alongside for Ulster and Ireland," said Millar, himself inducted to the Hall of Fame in 2009.
"Mike Gibson was one of the finest players of his generation, one of the finest players ever to represent Ireland and the British & Irish Lions and a man who epitomised the very ethos of the Game and its values."
Gibson began his career playing for the North of Ireland club and Ulster. He later moved to England to study Law at Cambridge University where he won three Blues and demonstrated his credentials to play the game at the highest level.
Gibson made his international debut at fly half as a 21 year old against England in 1964 and became a mainstay of the Ireland team during an international career that stretched 15 years.
Following his glittering career Gibson was awarded an MBE for services to rugby and remains active in the rugby community.
"It is an honour to be inducted into the IRB Hall of Fame and to be recognised amongst an illustrious list of greats," added Gibson.
"I consider rugby to be the greatest team sport and I must give thanks to all my team mates with whom I trained and played. Without them this would not have been possible."