Charlie made a heartfelt speech in honour of his friend but also used the opportunity to take a swipe at Slash's former Guns N' Roses bandmate Axl Rose.
He joked: "It's quite fitting, I think, that Slash is getting a star on the very street that Axl Rose will one day be sleeping on.
"This man here, through his music and through his person, through his compassion, has changed the way that I look at the world forever. That can only happen through true artistry."
Slash spoke about his friendship with Charlie, who has bounced back with new TV show Anger Management after being fired from sitcom Two and a Half Men due to his excessive partying and slurs against the comedy's creator last year.
The 46-year-old rocker said: "Over the last few years I've gotten clean, you know, and he's actually doing a lot better than anybody gives him credit for. He had his moment there, which he is still sort of living down. But the thing I love about Charlie is ... he just does what he does and his integrity is intact."
Slash - whose real name is Saul Hudson - was joined at the ceremony by his wife Perla Ferrar and their two sons.
- Bang! Showbiz