On a night when Hawthorn's champion goal-kicker Jason Dunstall was due to officially be elevated to Legend status, Swan was the fourth inductee at Tuesday's gala event in Melbourne.
Inaugural Adelaide Crows captain Chris McDermott, brilliant Footscray forward Kelvin Templeton and New South Wales pioneer Ralph Robertson were also acknowledged.
Much-loved by a legion of fans in the Magpie Army, Swan was a leader of Collingwood's famous "rat pack" during their successful period under coaching legend Mick Malthouse and his successor Nathan Buckley.
Malthouse and Buckley - both members of the Hall of Fame - were in attendance on Tuesday night.
Swan was at times criticised for not looking like a professional athlete, and courted his share of off-field controversy, but was a genuine star of the competition on the field.
The prolific midfielder was a key contributor in the Magpies' 2010 premiership under Malthouse and won the Brownlow Medal the following season, with what was then a record 34 votes under the 3-2-1 system.
He was also an All-Australian in five consecutive seasons from 2009-2013 and won the Copeland Trophy - Collingwood's best-and-fairest award - for three straight years from 2008-10.
Swan's brilliant 2010 campaign also included the AFL Players Association MVP award and the Jim Stynes Medal as Australia's best player in the International Rules series against Ireland.
A close friend of Richmond superstar and future Hall of Fame member Dustin Martin, Swan retired in 2016 because of a serious foot injury after 258 games in black-and-white.
"Not only was he admired for his footy smarts and running ability, but the midfielder was also unstoppable around the contest with his barrel-chested strength and speed proving an irresistible force," Collingwood said in a statement.
"Away from the statistics and his achievements, the Magpie Army will forever admire Swan for his laid-back approach to football and to life.
"He epitomised an earlier era where it was still possible to play football and enjoy life away from it."
2024 AUSTRALIAN FOOTBALL HALL OF FAME INDUCTEE DANE SWAN:
258 games for Collingwood, 211 goals
2010 Premiership
2011 Brownlow Medal
2008, 2009, 2010 Best and Fairest
2010 AFLPA MVP
2010 Jim Stynes Medal
2009, 2010, 2011, 2012, 2013 All Australian
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