Fans and city leaders gathered Sunday to unveil the six-story mural.
Artist Robert Vargas painted the image on the side of an apartment building at First Street and the Hollywood Freeway entrance.
Valenzuela joined the team in 1980 and remains a Los Angeles icon of perseverance and cultural pride.
He died just days before the Dodgers went to the World Series and the championship parade was held on his birthday.
Vargas said the mural is actually not quite finished yet. He is painting a third panel on the left side and expects it to be complete by Monday.