"If Pawar is to be given a title, I would say that Pawar's status in politics is the same as that of Dilip Kumar in cinema," Pankaja said during her speech at the event.
Pawar, who unveiled the statue of former Chief Minister and Congress leader, retuned the compliment by referring Pankaja Munde as Deepika Padukne of politics'.
"I don't watch cinema and that is why I don't know who is the most popular in the film world. That is why I asked Riteish Deshmukh (Bollywood actor and Vilasrao's son) and he said Deepika Padukone is the most popular film actress right now."
Meanwhile, Pawar lauded Vilasrao's administrative acumen and his role in handling situation after the 1993 Killari earthquake.
The NCP leader, who is in Marathwada on a three-day visit of drought affected areas, also recalled close friendship of Vilasrao and Pankaja's late father Gopinath Munde, despite their political differences.
Former Lok Sabha Speaker Shivraj Patil, former Maharashtra Chief Ministers Shivarjirao Patil Nilangekar and Ashok Chavan were among those present.