Ogden became the first draft pick in Ravens history shortly after the new franchise was established in 1996, going on to appear in 11 consecutive Pro Bowls before his retirement in 2008.
The 39-year-old was inducted by former general manager Ozzie Newsome, and he believes that his decision to join an unproven franchise worked out well for all parties involved.
"I just really want to thank the fans and the city of Baltimore. When I came to the Ravens in 1996, we had no team, we had no history. We didn't even have team colours. We just had a name. The Ravens were new to everybody," Ogden told reporters.
"I've often thought about that day back in 1996 when you [Newsome] drafted me instead of Lawrence Phillips. I think that worked out well for everybody.
"I am so very proud to have been the Baltimore Ravens' first-ever draft choice, and I am so humbled to be the Baltimore Ravens' first-ever Hall of Fame inductee."
Ogden was part of the Ravens side that won the 2001 Super Bowl and also served as honorary captain for the franchise's second Super Bowl win last season.