"We are just so proud and, by sharing our experiences gained as a team, we hope we can inspire incredible performances here in Rio," he said.
"In our sailing campaign, and in life, we approach each day with the aim of improving, getting better at what we do. We know that everyone else on the New Zealand team has worked extremely hard to get here, and now the time has come.
"We are ready to put down a good performance and we know that everyone else on the Kiwi team will be ready to do the same."
Burling will carry the flag as the official flag bearer. He was also honoured by the position, and credited teammate Tuke.
"We are so incredibly proud to be leading the team together and to be honoured as a crew," he said.
"We would not have had the success we have had without each other and we know this is the case for many of us in the New Zealand Olympic team."
Waddell said he was proud to have named the sailors as co-captains.
"The joint appointment is a step away from Olympic tradition, but it acknowledges the importance of teamwork at the Olympic Games," he said.
"Pete and Blair have delivered exceptional performances as a crew over the past four years and have epitomised the values and culture of the New Zealand Olympic team.
"Their focus on achievement is without compromise, but as proud New Zealanders and Olympic ambassadors they also take the time to share their inspiring stories with youngsters. We know they will inspire through achievement and performance."
The event was a crucial team function as it plays a role in building a strong team environment.
"Bringing athletes together is a key part of our Olympic preparation," said Waddell.
"We build a strong and secure team to have a positive impact on performance. It's a time to relax for a moment, but also reflect on who we are and what we are here to do."
Around 60 members of the New Zealand squad will march into Maracana Stadium.
The flagbearer selection takes into account a wide range of factors including past performances, the ability to lead and inspire New Zealand athletes, competition preparation and performance standards.