Taylor was inducted into the Green Bay Packers Hall of Fame in 1975. The following year, he was elected to the Pro Football Hall of Fame. He was the first Packers player from the Lombardi era to be inducted. Marie Lombardi, Vince's widow, was chosen as Taylor's presenter. In 2014, "The Times-Picayune" ranked Taylor 23rd on its list of Louisiana's all-time greatest athletes. He was elected to the Louisiana Sports Hall of Fame in 1974 and the Wisconsin Athletic Hall of Fame in 2001. His number 31 jersey is retired by the Saints. The Pro Football Hall of Fame selection committee named Taylor to its NFL 1960s All-Decade Team, which comprised the best players of the 1960s at each position.