In 2010, Davidson was inducted as a member of the Auto Racing Hall of Fame at the Indianapolis Motor Speedway. In 2013, he was inducted into the Richard M. Fairbanks Indiana Broadcast Pioneers Hall of Fame. In 2016, "The Indianapolis Star" named Davidson to the list of the 100 most influential people in the history of the Indianapolis 500, and likewise WFNI ranked him #10 on the list of Top Ten Influential People (Non-Drivers) in Indy history. In June 2016, Davidson was named the grand marshal of the Indy Legends Charity Pro–Am race.