Port will play Carlton on Saturday in the last AFL match at the venue before both clubs move to the inner city next season.
Ebert captained Port to the 1977 SANFL premiership at what was then known as Football Park, before also winning the 1980/81 flags there with the Magpies.
The four-time Magarey Medallist likened moving away from AAMI Stadium to selling a home, only to rent somewhere else.
"Since '74 this has been our home, the home of football, we've shared it with a couple of other sports and a rock concert but this has been our home," Ebert said.
"To go away from that is more than a sad day - sometimes you wonder at decisions that are made when you've got a property like this.
"Would you sell your home and go rent somewhere on someone else's property? Can't understand it."
Rated alongside AFL Hall of Fame Legend Barrie Robran as perhaps the best South Australian footballer of all time, Ebert denied his view of Adelaide Oval was tainted by three grand final defeats.
In his debut season of 1968, Ebert and the Magpies lost the premiership decider to Sturt and then lost the 1971/72 grand finals to Robran's North Adelaide.
Ebert insisted the Adelaide Oval also housed many fond memories.
"We had a lot success there too, won a lot of finals and I'll never forget that my third game was Anzac Day, 1968, and there were 55,000 people there, the bells were tolling and the diggers had marched … they were in full voice," he said.
"Fifty-five thousand people – they won't get that now.
"Fantastic memories of Adelaide Oval, even with the disappointments of '68, '71 and '72."
The Power's skipper Travis Boak was more positive about the club's move back into the city.
While he too would remember some good times at AAMI Stadium, he said playing at the redesigned Adelaide Oval would be "great for the club".
"There's been some great memories here and a lot of those great memories have actually been from this year," Boak said.
"Playing my first game here was something that I'll always remember but we're looking forward to Adelaide Oval as well - it's going to be a great facility and it's going to be great for the club."
Boak highlighted the importance on Saturday's game against the Blues, not only to farewell the old venue but, more importantly, to enter the finals on a high.
"We've got to go in with a lot of momentum into finals, so this week's very important for us - that's the way we're going to treat it: a big game heading into the finals series.
"They've come out and said it's going to be a big game for them as well … the last game at AAMI, there's a lot to play for."
