 World Championship Wrestling held the Ilio DiPaolo Memorial Show for DiPaolo from 1996 through 1999.To this point over $750,000 has been raised for the Ilio DiPaolo Scholarship Fund and for other Buffalo charities like Children's Hospital and People Inc.

DiPaolo was selected as a New York State Award recipient by the Professional Wrestling Hall of Fame and Museum in 2003.The DiPaolo family has also been inducted into the New York Chapter of the National Wrestling Hall of Fame for the creation of the Ilio DiPaolo Scholarship fund and continual contribution to high school wrestling.