The Collaborative International Dictionary of English v.0.48:

Salutatory \Sa*lu"ta*to*ry\, a. [L. salutatorius. See Salute.]
   Containing or expressing salutations; speaking a welcome;
   greeting; -- applied especially to the oration which
   introduces the exercises of the Commencements, or similar
   public exhibitions, in American colleges.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Salutatory \Sa*lu"ta*to*ry\, n.
   1. A place for saluting or greeting; a vestibule; a porch.
      [Obs.] --Milton.
      [1913 Webster]

   2. (American Colleges) The salutatory oration.
      [1913 Webster]

WordNet (r) 3.0 (2006):

salutatory
    n 1: an opening or welcoming statement (especially one delivered
         at graduation exercises) [syn: salutatory address,
         salutatory oration, salutatory]