dictionary.reference.com's entry for honorary includes the following definition:

5. given, made, or serving as a token of honor: an honorary gift.

While I have not come across the term (or received one, for that matter) myself, Google's search results suggest that it is in use. Google Books also provides some examples of its usage.

According to the University of Colorado Foundation:

Honorary gifts are a meaningful way to pay tribute to a living person. It may honor a special occasion or achievement, or merely acknowledge the honoree’s importance in your life.

 

Any type of gift can be designated as an honorary gift.

The School of Public Health at UCB states:

Honorary gifts commemorate a significant event or someone who is still living.

Therefore, it appears to be perfectly acceptable to honour someone with an honorary gift.

dictionary.reference.com's entry for honorary includes the following definition:

5. given, made, or serving as a token of honor: an honorary gift.

While I have not come across the term (or received one, for that matter) myself, Google's search results suggest that it is in use. Google Books also provides some examples of its usage.

According to the University of Colorado Foundation:

Honorary gifts are a meaningful way to pay tribute to a living person. It may honor a special occasion or achievement, or merely acknowledge the honoree’s importance in your life.

Any type of gift can be designated as an honorary gift.

The School of Public Health at UCB states:

Honorary gifts commemorate a significant event or someone who is still living.

Therefore, it appears to be perfectly acceptable to honour someone with an honorary gift.