The 20-time Grand Slam champion, who will be inducted in Newport on Saturday alongside broadcaster and journalist Mary Carillo, said the honour differed sharply from the trophies and rankings that defined his playing days.
"It's a huge, huge honour, one of the greatest we can achieve in this sport," Federer said at a news conference on Friday moderated by Hall of Fame president Patrick McEnroe.
Federer, 45, won a men's-record eight Wimbledon titles, six Australian Open crowns, five US Open titles and the 2009 French Open to complete the career Grand Slam.
He also won Olympic doubles gold with Stan Wawrinka in 2008 and helped Switzerland win the Davis Cup in 2014. He retired in 2022 having won 103 ATP Tour titles and spending 310 weeks as the world number one.
But the Swiss great said he hoped his contribution would be measured by more than his trophies and signature one-handed backhand.
"I hope I represented the sport well. But more so that maybe I helped drive the sport in the right direction through all the conversations we had together with the leaders of the sport — on the ATP side, with the Slams, the players and councils where I donated my time."
He cited the growth in prize money not only for the winners, but also in first and second rounds, as well as improved conditions for players, media, medical staff and other aspects like better stadiums.
"I feel like way more players can make a living. And I hope that I have helped with that as well," he added.
Federer also reflected on the expectations that accompanied his rise from a talented Swiss teenager to one of sport's biggest global stars.
"I felt like I was a winner early. I liked being on Centre Court. I preferred Centre Court to Court Five or Court 18. I wanted to be that person, so I think I embraced the pressure."
However, he added that the outside noise surrounding elite sport could become overwhelming, particularly when players are judged only by whether they win.
"You get affected by so many outside comments that it's like one big storm sometimes in your brain. Sometimes you lose the fun in it. But I feel like, for the most part, I've really done a good job of staying really happy on the road."
Federer, who rolled back the years at Arthur Ashe Stadium on Tuesday, playing an exhibition match ahead of the US Open, left open the possibility of eventually becoming a Laver Cup captain, mentoring younger players or even working as a commentator.
"I would like to give back to the sport," he said. "I try to attend three, four or five events during the year, so I stay connected.
"It rejuvenates me mentally to see what I could be doing in the sport that would be meaningful down the road."