Lousma was inducted with Fullerton into the International Space Hall of Fame during a ceremony with the governor of New Mexico in 1982 for their involvement in the STS-3 mission. The governor also presented them with the International Space Hall of Fame's Pioneer Award, and were the second group to receive this award. He was inducted the Michigan Aviation Hall of Fame in 1989. He was one of 24 Apollo astronauts who were inducted into the U.S. Astronaut Hall of Fame in 1997.