RSA national president Sir Wayne Shelford says the thousands who have returned from military deployment in the last 35 years do not believe their service is valued.
About 60,000 people have served since 1990, Shelford said.
Some of those who have served have been killed, others have come back maimed or with post-traumatic stress disorder (PTSD), he told RNZ's Morning Report programme today.
"Anzac [Day] is about Anzac, we're never going to forget it because it was a big war...but we want to have a day just to salute the veterans who have actually done military service over the last 50-odd years," he said.
All of the smaller wars have not been recognised in the way World War 1 and World War 2 have been, he said.
The proposed day of recognition would cover everything from the New Zealand Land Wars to the Gulf War - everyone who has ever served.
The RSA wants veterans to be able to march in centres around New Zealand.
A public holiday was not wanted and would be in line with other days for recognised causes like [The Cancer Society's] Daffodil Day, Shelford said.
"We've spoken to the Minister of Defence and he says 'I don't see why not.'"
Anzac Day is Tuesday, April 25.
