Massa, who has won 11 grands prix and was the 2008 world championship runner-up during an eight-year stint with the Scuderia, is leaving the team to make room for former team-mate Kimi Raikkonen.
A crowd of 15,000 people turned up to the Maranello squad's home track of Mugello for the event, which also featured a number of F1 demonstration runs.
Ferrari president Luca di Montezemolo was also in attendance, and praised Massa - making his final official appearance for the team outside of the remaining two grands prix - as "a true Ferrari man".
"We spent some great times together," said di Montezemolo, "while some others were more difficult, such as the accident in Budapest.
"These have been very busy years and I wanted to thank him publicly. It's time for a change and also to find new motivation.
"Felipe has been a true Ferrari man and he will always be part of our history. I wish him every success, starting with the last two races of this championship. He will always be part of our family."