The elder Prinze was a standup comic who had a successful run in the sitcom "Chico and the Man" before ending his life at age 22.
The younger Prinze, star of the "Scooby-Doo" movies and teen romances like "She's All That," was only 10 months old when his father died.
"I always get overwhelmed when it comes to speaking about my father," the 28-year-old told the crowd during the Hollywood Boulevard ceremony. "To see the respect from the people in L.A. and New York where my father was from brings tears to my eyes. To walk by and see his name on this star wow. I love you all for coming out here."
Comedian George Lopez, who nominated the late comedian and sponsored the star, also attended the event.
"'Chico and the Man' inspires me today as it did back then," said the star of TV's "The George Lopez Show." "This is a big day for us and his friends. Freddie Jr. and I have become very close and are working together now on a new television show."