The centrepiece of the memorial, America's Cup-winning yacht NZL32, also known as Black Magic, was gently eased into place today at the Maritime Museum, where it will be part of a permanent exhibition.
"It's absolutely incredible," Sarah-Jane Blake said.
"It's going to be really good for teaching people about boats and sailing.
"The way the designers have done it is first-class and I think my dad would have been really proud." Based in England, Ms Blake, 26, has been in New Zealand for three months and has been helping out with the exhibition, Blue Water Black Magic, which is due to open in December.
She also sailed in the Auckland-to-Noumea race on Lion New Zealand, the boat her father skippered in the 1985-6 Whitbread round-the-world race and on which she was a two-year-old passenger during the delivery voyage from New Zealand to England.
Sir Peter, wearing his lucky red socks, led Team NZ's challenge for the America's Cup in 1995, when NZL32 swept to a 5-0 victory over American defenders Stars and Stripes.
Sarah-Jane, who was 12 at the time, and brother James were in San Diego with their parents during the regatta, and she said she remembered fragments of the campaign.
"I definitely remember when they won," she said.
"I remember the champagne flowing and my dad holding the cup over his head -- and his red socks." The memorial is supported by Te Papa, which was gifted NZL32 by Team NZ in 2003.
The yacht will eventually be suspended from the ceiling within a three-level exhibition space.
As well as Sir Peter's life and career, displays will look at the history of New Zealand yachting.
Also on hand this morning as Black Magic was guided on tracks into the new annex at the museum were former crew members Tony Rae and Kevin Shoebridge.
Despite the changes in America's Cup boats since 1995, Rae said NZL32 remained a stylish design.
"This is still a very nice looking hull and it will always look like a very nice boat."
Rae remembered Team NZ's 1995 campaign as small and simple, with not as many people as would be involved in a cup syndicate nowadays.
"That's what Peter wanted -- to keep it small and controllable and we ended up with a clean, fast boat," he said.
"It was sailed well, the sail programme was good and the rig programme was exceptional compared with other team in those days, which all added up to being a really good package."
Sir Peter's exploits included skippering Steinlager 1 to victory in the 1989-90 Whitbread race and co-skippering Enza in 1994 to what was then the record for the quickest circumnavigation of the globe by a sailboat.
He was shot and killed by pirates who boarded his yacht during an environmental expedition on the Amazon in 2001.
