"It's surreal," Baker said, looking down at his star on Hollywood Boulevard.
"It is a bizarre experience to think that is going to be down there forever."
The 43-year-old Tasmanian, who has become one of the highest paid actors on television, earning $US435,000 an episode on the hit drama series The Mentalist, wept during the ceremony as he spoke about his family and friends.
His wife, Rebecca Rigg, daughter Stella, 19, and sons Claude, 13, and Harry, 11, sat front row at the ceremony, while good friend Naomi Watts, The Mentalist co-star Robin Tunney and Hollywood executives also showed up in support.
"Kids, this is for you," a weeping Baker said.
"My cup runneth over."
The star on Hollywood Boulevard was another career milestone for Baker, who began his career in the 1991 Melissa Tkautz music video Read My Lips, had a Logie-winning stint on soap E Street and moved to the US, where he scored a role in 1997 opposite Russell Crowe and Guy Pearce in the film L.A. Confidential.
The ceremony was held outside Beso restaurant, owned by Desperate Housewives star Eva Longoria.