Jeans played 77 games for the Saints from 1955-59, but is better known for coaching them to their only premiership in 1966.
He is only the third member of St Kilda's Hall Of Fame to receive legend status from the club, following Darrel Baldock and Ian Stewart.
Jeans is a member of the AFL's Hall Of Fame.
Hawthorn's 1989 premiership side, which Jeans also coached, on Wednesday became only the third VFL-AFL team to be inducted into the Sport Australia Hall Of Fame.
Jeans received a standing ovation as he walked to the stage at the St Kilda function and said he had no idea before arriving that the Saints would elevate him to legend status.
Renowned as an orator, he spoke powerfully for more than 10 minutes about the need for the club to maintain its faith and what is needed to win a premiership.
"Personally I would just like to thank the club for honouring me in such a manner," he said.
"I didn't know until I walked in here tonight and saw my family. I am deeply honoured."
The Saints inducted 12 players into their Hall Of Fame at Thursday night's dinner, led by their much-loved rover and former captain Nathan Burke.
He played 317 games for the Saints between 1987 and 2003 and was a member of their team of the century.
Burke was a player or assistant coach for 20 years and continues to serve the club as a board member.
Other inductees were former players Greg Burns, Gary Colling, Bill Cubbins, Brian Gleeson, Daryl Griffiths, Barry Lawrence, Brian Mynott, Lance Oswald, Bruce Phillips and Colin Watson and administrator Des Nisbet.
