Sir Dusty Miller, president of the RAF Association, made the presentation on behalf of the Great War Display Team.
Sir Dusty said it was a privilege to meet the 91-year-old, who retired last autumn as Britain’s oldest stunt pilot.
Mr Gregory, who was at the airshow last Sunday with his wife, Liz, said he had personally displayed at Shoreham 26 times, but not for a few years.
He started the Great War Display Team in 1988 and was still with the team last year, when it celebrated its 25th anniversary.
Although he has given up aerobatic flying and has sold the SE.5a bi-plane he built himself, he still occasionally takes to the air.
“Well, you get a bit old for it,” he said. “You can’t reach anything.”
His book, Aeroaddict, which tells ‘the story of one man’s lifelong love affair with aeroplanes’, is published by Little Knoll Press, priced £14.99.