The statue overlooks the finishing line where Snell broke the world mile record in 1962.
"To have a statue of yourself commemorating what was very meaningful for me, and I just love it that Wanganui feels the same way about it for them too," he told 3News.
Also watching the unveiling was fellow 1962 competitor, Australian Albie Thomas, who came third in the race.
"This one here is put up while he is alive and that's sensational.
"It's also an inspiration to all young Wanganui athletes -- Peter can do it, why can't I?"