Sir Tim, a familiar figure in his wheelchair, watched from the VIP enclosure surrounded by family and flyer friends.
He and brother George also led a parade of vintage Packard cars along the edge of the runway.
While posing for photos, Sir Tim told media they were proud the show they started in 1988 had survived and grown.
Son Jonathan Wallis said Sir Tim was "really honoured" to still be part of the show.
"It wasn’t just Dad, obviously. He had a group of friends and colleagues that came up with the idea and they put it together.
"But it really is a team and it’s always relied on a lot of volunteers."
"But it still hasn’t lost its country feel, its Kiwi feel.
"If you look around the world at all the airshows, and you come back to Warbirds Over Wanaka, it’s actually pretty world-class."
George Wallis, explaining how the show started, said Sir Tim had been at an airshow in Australia.
"And he came back to New Zealand and said ‘we can have an airshow in Wanaka’."
Posters were printed advertising the Warbirds on Parade Airshow at New Year.
However, George Wallis considered people were too busy at that time of year, so the show was rescheduled for Easter.
The late Gavin Johnston was appointed manager and proceeds from the first show helped a Lions Club fundraising effort for a new swimming pool in Wanaka.
George Wallis said when the show started there were barely any buildings at the airport and the runway had only just been sealed.
Now 300 people work there.
"I would never have imagined that 30 years ago."
Sir Tim’s wife Prue paid tribute to the trust that had kept the show running, despite no longer having the family’s Alpine Fighter Collection to call on.
She was proud her family’s company, Alpine Helicopters, was still involved with the show and with Wanaka Airport.
Asked about the future of the show, Mrs Wallis said she did not have a crystal ball, but did wonder if the "fossil fuel" issue might affect recreational aviation events such as the airshow.
Asked if she was a plane enthusiast, Mrs Wallis said she liked helicopters and Spitfires.
