Simon received an honorary professorship from the Albertina in 1899 and was accorded a Geheime Kommerzienrat (privy commerce councilor) of the German Empire.
Simon was also named an honorary citizen of Königsberg in 1908, during the centennial of the 1808 reforming Städteordnung of Stein.
In 1892 Simon granted 6.83 hectares in Mittelhufen for the construction of the athletic field Walter-Simon-Platz, which hosted Königsberger STV in the early 20th century.
Renamed Erich-Koch-Platz during Nazi Germany because Simon was Jewish, the field is now Baltika Stadium in Kaliningrad, Russia.
He donated funds for books and construction of the Luisenkirche in Amalienau, the Farenheid Poorhouse in Hinterroßgarten, and the Bismarck Memorial at Kaiser-Wilhelm-Platz.