The Cleopatra icon died in March (11) after losing her long battle with congestive heart disease, sending the showbiz world into mourning.
Her son Christopher had been planning an event to honour his mother, and on Sunday, he staged the Worldwide Tribute to Elizabeth Taylor at the Steven J. Ross Theatre on Los Angeles' Warner Bros. lot.
Farrell hosted the 75-minute celebration, which was attended by all of Taylor's children, as well as Sir Elton John, who sang his track Blue Eyes at the bash.
He told the guests, "To say that the world got smaller, emptier, darker and lonelier when we lost Elizabeth is an understatement.
"She was a true rock, a pioneer, a pathfinder, a trailblazer and a star who will always burn bright and always had time to laugh at herself."
The event raised money for the late actress' charity, the Elizabeth Taylor HIV/AIDS Foundation, and Sir Elton adds, "Many of us remember all too well, those early days of the AIDS epidemic in the early to mid-1980s. It brought out the worst - hysteria, bigotry, callous indifference. But it also allowed an angel and warrior like Elizabeth to rise up and show us how to respond instead with compassion, reason, and humanity."
Taylor's son Michael tells People.com, "My mother was an extraordinary woman whose life touched so many, most of whom we will never know. Our whole family is extremely proud of her accomplishments, and know what a unique and special experience it was to have her in our lives. Today, it was especially meaningful for us to be with so many good friends to celebrate her spirit, which will be with us forever."