Hood Aerodrome is south of Masterton though as of 2015, there are no commercial flights from it. From early 2009 until late 2013 Air New Zealand provided flights to Auckland, operated by subsidiary Eagle Airways six days a week, mainly to serve business customers in the Wairarapa.  There have been a few other unsuccessful attempts at commercial air travel in Masterton, mostly failing due to its proximity to major airports in Wellington and Palmerston North . The most significant was by South Pacific Airlines of New Zealand (SPANZ), which operated daily flights using DC3s during the sixties to destinations nationwide until the airline's closure in 1966.
Several awards were named in Masterton's memory. The Bill Masterton Memorial Trophy was created in 1968 under the trusteeship of the Professional Hockey Writers' Association and is presented annually to the "National Hockey League player who best exemplifies the qualities of perseverance, sportsmanship and dedication to hockey".  The University of Denver Pioneers hockey team named its most valuable player award after him,  and his Winnipeg high school, Miles MacDonnell Collegiate, presents a scholarship in his name.  High schools in Bloomington , where the North Stars played their games, also award scholarships in Masterton's name.  The Minnesota North Stars pulled his jersey number 19 out of circulation following his death and formally retired it in 1987. That honour followed the franchise when it relocated south to become the Dallas Stars .