The 47-year old taxi driver, from Eccles, Salford, was taking aid to Syria when he was kidnapped and killed by Islamic State (IS) militants in October 2014.
At the time, he was the fourth western hostage to be murdered by the group.
People in Eccles laid the ribbons in memory of Mr Henning.
A similar tribute was held in the days after his death.
Meanwhile, Eccles MP Barbara Keeley has renewed calls for Prime Minister David Cameron to officially recognise his charity work with a posthumous award.
"I think there should be some way to mark the noble sacrifice that Alan made," said Ms Keeley.
"His mission to help children in Syria was a remarkable one and, of course, he lost his life.
"I think that should be marked with some sort of formal award."
Ms Keeley said she had spoken to Mr Cameron and hoped there could soon be developments.
Prayers will also be said over the weekend at Eccles Parish Church.

The steps to Petit Port Bay were shut in May after damage caused by heavy rainfall during storms.
An inspection by engineering consultants Frederick Sherrell Ltd will start on Monday and is due to end on 27 March.
The department said if no further work was needed the steps should be re-opened for the Easter holiday.
Four parking spaces will be suspended in the Petit Port car park for the duration of the works.
The bay was previously closed between 2001 and 2005, after a series of landslides made the area too dangerous to access.
It was only reopened after new concrete steps, handrails and fencing to contain rockfalls were installed.
A Greater Manchester town has been adorned with yellow ribbons to mark the first anniversary of aid worker Alan Henning's murder.
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Steps at a bay in Guernsey could be opened by Easter, according to the environment department.