A plaque was unveiled by the shark bell on the Esplanade, commemorating Les Jordan, Bill Black and Graeme Hitt, who were killed between 1964 and 1968.
The memorial was initiated and financed by Barry Watkins, of Levin, to mark the 40th anniversary of his own attack at the beach, in 1971. The attack victims also included surfer Gary Barton at St Clair, in 1969.
"There's been nothing like it in the world at this latitude. There were five attacks - three of them fatal - along this coastline in a seven-year period. It was a very strange and scary time for everyone," Mr Watkins said.
Victim Bill Black's sister Margaret Card, of Roxburgh, was at the unveiling with daughters Bernie and Amanda Card and granddaughter Millie Brown (4).
"It's a very special and emotional day for us.
"Bill's body was never found and this finally gives some closure," she said.
"He is part of the fabric of our family and my daughters never knew Bill, so this is great. It gives us something to focus on and come to visit."
Mr Watkins said he bore no animosity to sharks.
"We all know a shark attack could happen again to anyone at any time. If you enter the water you have to share it with these amazing creatures."
