
The pair were given the honour for their services to music and charity in the Queen's New Year Honours list.
"It's wonderful that we have been recognised for what we've done," Parfitt said.
The band, whose songs include Rockin' All Over The World, first had a hit in 1968 with Pictures Of Matchstick Men.
"This is the most exceptional moment of our careers - there's no two ways about it," Rossi said.
"Live Aid was contrastingly very different and important, and there was a great euphoric feeling on the day, but nothing can make you forget this.