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.
   [1913 Webster]

         I do not know a man more to be venerated for
         uprightness of heart and loftiness of genius. --Sir W.
                                                  Scott.
   [1913 Webster]

   Syn: To reverence; revere; adore; respect.
        [1913 Webster]

WordNet (r) 3.0 (2006):

venerate
    v 1: regard with feelings of respect and reverence; consider
         hallowed or exalted or be in awe of; "Fear God as your
         father"; "We venerate genius" [syn: reverence, fear,
         revere, venerate]

Moby Thesaurus II by Grady Ward, 1.0:

31 Moby Thesaurus words for "venerate":
   accord respect to, admire, adore, apotheosize, appreciate,
   defer to, deify, do homage to, do service, entertain respect for,
   esteem, exalt, favor, hallow, hero-worship, hold in esteem,
   hold in reverence, honor, idolize, look up to, pay homage to,
   prize, regard, respect, revere, reverence, think highly of,
   think much of, think well of, value, worship