In Aikau's honor, the surfwear company Quiksilver sponsors the “The Eddie”—the Quiksilver Big Wave Invitational in Memory of Eddie Aikau at Waimea Bay. The idea of the Quiksilver Big Wave Invitational was created by Bruce Raymond and Bob McKnight.
Since its inception (Eddie Aikau's brother Clyde Aikau won the first Eddie in 1985), the tournament has only been held seven times, due to a precondition that open-ocean swells reach a minimum of 20 feet (this translates to a wave face height of over 30 feet). The most recent tournament was in December 2004, when waves in the bay reached 30 to 50 feet high. The contest only invites 24 big-wave riders to participate in two rounds of competition. The event does not allow the use of jet skis to tow surfers into the waves.