"Your outstanding bravery and determination undoubtedly saved the child's life and you are to be commended," the citation for the awards for the men read.
Mr Godfrey said being recognised three years after the event had brought a lot of emotion back to the surface for him.
"We saved someone's life... That family was really impacted that day," he said.
"There's a bit of anxiety, I've put it away for three years."
The health insurance worker was choked up talking about the moment he saw the dinghy crash and the children drowning.
"I was there with my son fishing on the bridge and I saw it all happen."
Utu Togafau entered the water to help rescue the children, but realised the conditions were too treacherous. She remained on shore to help the rescuers in their efforts and was recognised for her "outstanding bravery and compassion".
Paramedic Carl Taylor and firefighter John Beswick were recognised for the professionalism and commitment to serve on that day.
Civilian Dick Kereama was also recognised for his bravery and role in the rescue but wasn't present at the ceremony.