The Collaborative International Dictionary of English v.0.48:

Venerate \Ven"er*ate\, v. t. [imp. & p. p. Venerated; p. pr. &
   vb. n. Venerating.] [L. veneratus, p. p. of venerari to
   venerate; akin to Venus Venus, Skr. van to like, to wish, and
   E. winsome. See Winsome.]
   To regard with reverential respect; to honor with mingled
   respect and awe; to reverence; to revere; as, we venerate
   parents and elders.
   [1913 Webster]

         And seemed to venerate the sacred shade. --Dryden.
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         I do not know a man more to be venerated for
         uprightness of heart and loftiness of genius. --Sir W.
                                                  Scott.
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   Syn: To reverence; revere; adore; respect.
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WordNet (r) 3.0 (2006):

venerating
    adj 1: feeling or manifesting veneration [syn: respectful,
           reverential, venerating]