Athletes must have competed in a SoCon-sponsored sport for a minimum of two years to be eligible, and must be at least five years removed from attending the institution as a student-athlete. Coaches and administrators must have been part of the conference for a minimum of five years.

Initial Hall of Fame nominees were sought from all 12 current member institutions as well as the 31 athletic programs that were once SoCon members. In all, 254 nominations were received. A committee within the conference office reduced the original list to a more manageable 45-person ballot. A voting panel composed of 20 past and present administrators and media was then asked to vote for 10 candidates.

The first induction ceremony was held on May 4, 2009 at the Chapman Cultural Center in Spartanburg, S.C. Among those in attendance were such notable sports figures as Jerry West, Sam Huff, Dick Groat and Frank Selvy. Arnold Palmer was out of the country on business, but videotaped his acceptance remarks for those in attendance.

In the fall of 2009, the conference created a special contributor category to honor administrators. The first inductee in this category, which will be filled periodically, was J. Dallas Shirley, longtime SoCon basketball coordinator of officials.

The Class of 2010 induction ceremony took place on June 1, 2010 at the Crowne Plaza Resort on Hilton Head Island, S.C., as part of the league's annual Honors Dinner. Among those honored were legendary coaches Everett Case and Wallace Wade, and basketball greats Hot Rod Hundley and Fred Hetzel.

The 2011 Hall of Fame ceremony was held on May 24 in Charleston, SC, at the Charleston Marriott. The third class included six former SoCon greats, Lefty Driesell, Gen. Robert Neyland, Dexter Coakley, Vic Seixas, Shannon Wommack and Regina Kirk.

On Thursday, March 1, 2012, the eve of the SoCon Basketball Tournament in Asheville, N.C., the Southern Conference inducted the fourth Hall of Fame class.  The honor was extended to five former athletes, coaches and contributors.  The 2012 inductees included Angie Barker, Percy Beard, Dick Modzelewski, Paul Scarpa and Jim Burch.