The Hornets boss described the anniversary as a "really important day" for the club and hailed Taylor's accomplishments at Vicarage Road as "amazing".
"It's a really important day for the club, for us, for the fans and for his family as well," Sky Sports News quotes Silva as saying.
"What he achieved at this club was amazing. He built the club with Sir Elton John and he is really important for us as a club.
"Each club I'm working at I like to understand the story of the club, what happened in the past and to respect the story and respect important persons in the club's history."
Taylor, who passed away on January 12 last year, managed Watford across two spells totalling 15 years and served as the club's chairman between 2009 and 2012.
Watford are in Premier League action this weekend when they play host to Southampton.