After his passing, several routes and mountain peaks were named in Bailey's honor as memorials:

"Walter Bailey memorial Route" established in Walt's memory by Gary Cole, Ray Jacquot, and Charlie Blackmon of UW climbing

Winder River Canyon peak named Bailey's Peak in honor of Walt in Wind River Canyon near the previously established Petroleum Peak, officially climbed by WMCC students Gary Cole and Ray Jacquot in August 1963]]>