A walk honouring 21 legends of Australian stage and screen has been unveiled in Sydney.

Actor Geoffrey Rush joined New South Wales Premier Kristina Keneally and other dignitaries at Walsh Bay on Sunday to unveil the series of 21 bronze plaques set into stone at Pier 2/3.

Among those to be recognised are A-listers Rush, Cate Blanchett, Hugo Weaving and Googie Withers, as well as local theatre identities John Bell, Barry Otto, Neil Armfield and Wendy Blacklock.

"Today we celebrate their contribution to NSW, their contribution to the arts, this city, this state and indeed to this country," Ms Keneally said.

"Each one of these theatre stars has lived in NSW - at some point - and has made a huge contribution to our state's vibrant theatre scene," she added.

NSW Arts Minister Virginia Judge says a 99-year lease over the pier was secured earlier this year, ensuring the iconic structure will be used for arts and cultural activities into the future.

- ABC/AAP