Gibson, the first black Grand Slam tennis champion, died in 2003 at age 76 after winning five Grand Slam singles titles, including a historic breakthrough singles win at the 1956 French Championships.
"It sends a great message to me in particular, knowing what she went through, being truly the first pioneer, an African-American in tennis, just to a sport that wasn't open to black people," 23-time Slam singles champion Serena Williams said.
"It's also really important to be thankful and to know what she went through... No matter what color you are, you can definitely learn a lot about the opportunities she helped bring to tennis."
At a time when racism was widespread, Gibson also won the 1957 and 1958 US Open and Wimbledon titles despite often being forced to sleep in cars and barred from restaurants.
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"What people have to understand is how she persevered and what she means not just to our sport, to all society, to everyone," US tennis legend Billie Jean King said.
The tribute comes as incidents involving white supremacists are growing in the United States.
"Every generation has to continue the process and the fight to keep freedom available, to get rid of sexism and racism," King said. "Right now I think we have a lot of racism."
Venus Williams, a seven-time Slam singles champion, said the equality Gibson fought for remains elusive.
"I don't think anyone really understands what it was like in those days," she said. "We came here for freedom and it was unfortunate that many people were not given that. Because of Althea, people fighting for it, we've gotten a lot closer to it.
"She went through it so I didn't have to. What she achieved, that statue is the beginning of what we should be doing for Althea."
Serena noted the battle for equality as a woman and an African-American continues.
"We're going through a lot of that now in general," she said. "We need people to fight for us, whether it is for equality, whether it is for racism... or else change necessarily won't come as fast as we would need it to."
England's Angela Buxton, 85, was Gibson's women's doubles partner in 1956 French and Wimbledon title runs but gave a sobering assessment of the artwork.
"You want an honest opinion? Well, it doesn't resemble her at all," Buxton said. "Sorry to say that. I would have passed her any day and not know who it was.
"But the main thing is not the statue. It's what I learned from her and what I enjoyed with her."
Gibson also helped inspire King, a 12-time Grand Slam singles champion who is now 75, to become a historic champion for women's rights.
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"She totally inspired me," King said. "I knew if Althea had gone through what she had gone through and changed the world, that I had a chance to follow in her footsteps and help change the next generations.
"Althea is a very strong reminder that it's important to the living people right now that we carry on her legacy and the legacy of equality."
King said women still have great strides to make in society to achieve equality with men.
"Being a woman? We're still second-class citizens, and she's African-American, so just go down the totem pole some more," King said.
"As women, we do not get the same respect. We do not. We still do not. We're always second. I can go through every day of my life and people don't notice it, but it's just there. And if you're a person of color, I can't imagine what you go through each day."
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