The Collaborative International Dictionary of English v.0.48:

Praise \Praise\, v. t. [imp. & p. p. Praised; p. pr. & vb. n.
   Praising.] [OE. preisen, OF. preisier, prisier, F. priser,
   L. pretiare to prize, fr. pretium price. See Price, n., and
   cf. Appreciate, Praise, n., Prize, v.]
   1. To commend; to applaud; to express approbation of; to
      laud; -- applied to a person or his acts. "I praise well
      thy wit." --Chaucer.
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            Let her own works praise her in the gates. --Prov.
                                                  xxxi. 31.
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            We praise not Hector, though his name, we know,
            Is great in arms; 't is hard to praise a foe.
                                                  --Dryden.
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   2. To extol in words or song; to magnify; to glorify on
      account of perfections or excellent works; to do honor to;
      to display the excellence of; -- applied especially to the
      Divine Being.
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            Praise ye him, all his angels; praise ye him, all
            his hosts!                            --Ps. cxlviii.
                                                  2.
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   3. To value; to appraise. [Obs.] --Piers Plowman.
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   Syn: To commend; laud; eulogize; celebrate; glorify; magnify.

   Usage: To Praise, Applaud, Extol. To praise is to set
          at high price; to applaud is to greet with clapping;
          to extol is to bear aloft, to exalt. We may praise in
          the exercise of calm judgment; we usually applaud from
          impulse, and on account of some specific act; we extol
          under the influence of high admiration, and usually in
          strong, if not extravagant, language.
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The Collaborative International Dictionary of English v.0.48:

Praise \Praise\, n. [OE. preis, OF. preis price, worth, value,
   estimation. See Praise, v., Price.]
   1. Commendation for worth; approval expressed; honor rendered
      because of excellence or worth; laudation; approbation.
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            There are men who always confound the praise of
            goodness with the practice.           --Rambler.
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   Note: Praise may be expressed by an individual, and thus
         differs from fame, renown, and celebrity, which are
         always the expression of the approbation of numbers, or
         public commendation.
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   2. Especially, the joyful tribute of gratitude or homage
      rendered to the Divine Being; the act of glorifying or
      extolling the Creator; worship, particularly worship by
      song, distinction from prayer and other acts of worship;
      as, a service of praise.
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   3. The object, ground, or reason of praise.
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            He is thy praise, and he is thy God.  --Deut. x.??.
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   Syn: Encomium; honor; eulogy; panegyric; plaudit; applause;
        acclaim; eclat; commendation; laudation.
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WordNet (r) 3.0 (2006):

praise
    n 1: an expression of approval and commendation; "he always
         appreciated praise for his work" [syn: praise,
         congratulations, kudos, extolment]
    2: offering words of homage as an act of worship; "they sang a
       hymn of praise to God"
    v 1: express approval of; "The parents praised their children
         for their academic performance" [ant: criticise,
         criticize, knock, pick apart]

Moby Thesaurus II by Grady Ward, 1.0:

165 Moby Thesaurus words for "praise":
   acclaim, acclamation, accolade, acknowledgment, adoration, adore,
   adulate, adulation, aggrandize, apotheosis, apotheosize, applaud,
   applause, approbation, approval, approve, belaud, benediction,
   bepraise, bepraisement, beslobber, beslubber, blandish,
   blandishment, blarney, bless, bless the Lord, blow up, boast of,
   brag about, bunkum, cajole, cajolement, cajolery, celebrate,
   citation, cite, cognizance, commend, commendation, compliment,
   compliments, conceit, congratulation, credit, crediting, crown,
   crown with laurel, cry up, decorate, deification, deify, devotion,
   dignify, distinguish, do honor, doxologize, eloge, emblazon,
   encomium, endorse, endorsement, enhance, ennoble, erect, eulogium,
   eulogize, eulogy, exalt, exaltation, excessive praise, extol,
   eyewash, fair words, fawn upon, fawning, flatter, flattery,
   glorification, glorify, glorify the Lord, glory, grace, grease,
   hail, hallow, heighten, hero worship, hero-worship, homage,
   hommage, honeyed phrases, honeyed words, honor, honorable mention,
   hosanna, hymn, hymn of praise, idolatry, idolize, idolizing,
   incense, intensify, kudos, laud, laudation, lionize, lionizing,
   magnification, magnify, make fair weather, make much of,
   meed of praise, mention, oil, oil the tongue, ovation, overpraise,
   paean, palaver, panegyric, panegyrize, pay homage to,
   pay regard to, pay tribute, pay tribute to, plaudits,
   porter aux nues, praise God, prayer of thanks, pretty lies,
   proclaim, psalm, psalmody, puff, puff up, recognition, recommend,
   render honor to, resound, revere, reverence, revile, salute,
   sing praises, slobber over, soap, soft soap, sublime,
   sweet nothings, sweet talk, sweet words, sycophancy,
   thank offering, thank-you, thanks, thanksgiving, tribute, trumpet,
   uprear, venerate, veneration, wheedle, wheedling, worship