The Collaborative International Dictionary of English v.0.48:

Salutatory \Sa*lu"ta*to*ry\, a. [L. salutatorius. See Salute.]
   Containing or expressing salutations; speaking a welcome;
   greeting; -- applied especially to the oration which
   introduces the exercises of the Commencements, or similar
   public exhibitions, in American colleges.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Salutatory \Sa*lu"ta*to*ry\, n.
   1. A place for saluting or greeting; a vestibule; a porch.
      [Obs.] --Milton.
      [1913 Webster]

   2. (American Colleges) The salutatory oration.
      [1913 Webster]

WordNet (r) 3.0 (2006):

salutatory
    n 1: an opening or welcoming statement (especially one delivered
         at graduation exercises) [syn: salutatory address,
         salutatory oration, salutatory]

Moby Thesaurus II by Grady Ward, 1.0:

45 Moby Thesaurus words for "salutatory":
   address, after-dinner speech, allocution, chalk talk, debate,
   declamation, diatribe, eulogy, exhortation, filibuster, forensic,
   forensic address, formal speech, funeral oration, harangue,
   hortatory address, inaugural, inaugural address, invective,
   jeremiad, oration, pep talk, peroration, philippic, pitch,
   prepared speech, prepared text, public speech, reading, recital,
   recitation, sales talk, salutatory address, say, screed,
   set speech, speech, speechification, speeching, talk, talkathon,
   tirade, valediction, valedictory, valedictory address