The pair braved an unseasoned LA downpour to celebrate the 51-year-old being granted the 2,435th star on the storied walkway of stars along Hollywood Boulevard.
"I remember being in Hollywood at the age of 16 and marvelling at the stars," Adams, a diplomat's son who has had hit no. 1 records in more than 40 countries.
"The idea of being part of it never entered my mind. It was too far-fetched. Today, I'm humbled at the induction of my name. It's fantastic," he added, sheltering from the rain.
National Hockey League's all-time scoring leader Gretzky said the weather, rather than Los Angeles' usual sunshine, was appropriate.
"This is typical. I've been to an outdoor concert of Bryan's where it was pouring rain and watched him perform his magic," he said, calling Adams "a very humble Canadian and adding: "I'm very proud to say he's Canadian."
Adams was born in Ontario, but spent much of his youth in England, Israel, Portugal and Austria, following his father's postings.
He hit the big time in 1983 with his third album "Cut like a Knife," while his other hits have included "summer of '69," "Run to You," and "Let's Make It a Night to Remember."
He won a Grammy Award in 1991 for "(Everything I Do) I Do It for You," from the movie "Robin Hood, Prince of Thieves.