Two victims, 16-year-old Anthony Mulder and 29-year-old teacher Tony McClean, were honoured with posthumous NZ Bravery Star awards.
The parents of both men stood in silence as the details of their sons' actions were read out by master of ceremonies Hewitt Humphrey.
Mr McClean was the last to leave the ledge on which the group sheltered when the water rose unexpectedly. He had tied disabled student Tom Hsu to his front.
Anthony Mulder strapped to his body his friend Floyd Fernandes, who was frightened of going alone.
"Both [Mr McClean and Anthony] were competent swimmers and would have stood a much better chance of survival if they had attempted the stream on their own," Mr Humphrey said. "They also knew their friends would have little chance of survival in such conditions without assistance.
"Anthony Mulder and Tony McClean were subsequently discovered some considerable distance below the dam, still attached to their friends."
Natasha Bray, Portia McPhail and Tara Gregory, all 16, also died.
Anthony's parents, John and Miriam, answered questions from the media yesterday side-by-side with Mr McClean's parents, John and Jeanette.
The position reflected the close bonds the seven families have formed since the tragedy, they said.
The families attended counselling together, and siblings of those who died wrote a book, Never Be The Same, to help support one another.
John McClean said the awards were acknowledgement that New Zealanders were grateful for people who stood up and did what was right.
"I was incredibly proud that at the most extreme moment of both the boys' lives they actually chose to do what was right, even at a huge cost."
Mr Burton said the way Elim had conducted itself after the tragedy was a source of immense pride.
"There's regret ... but we've never gone down that blame track, and as a result ... my school today is stronger than ever before. And that's a good thing. It's a high price to pay, but it's a good thing."