The Collaborative International Dictionary of English v.0.48:

Valedictory \Val`e*dic"to*ry\, a.
   Bidding farewell; suitable or designed for an occasion of
   leave-taking; as, a valedictory oration.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Valedictory \Val`e*dic"to*ry\, n.; pl. Valedictories.
   A valedictory oration or address spoken at commencement in
   American colleges or seminaries by one of the graduating
   class, usually by the leading scholar.
   [1913 Webster]

WordNet (r) 3.0 (2006):

valedictory
    adj 1: of or relating to an occasion or expression of farewell;
           "a valedictory address"; "valedictory praise for his
           uniformly manly course"; "a suitable valedictory gesture"
    2: of a speech expressing leave-taking; "a valedictory address"
    n 1: a farewell oration (especially one delivered during
         graduation exercises by an outstanding member of a
         graduating class) [syn: valediction, valedictory
         address, valedictory oration, valedictory]

Moby Thesaurus II by Grady Ward, 1.0:

65 Moby Thesaurus words for "valedictory":
   Godspeed, address, adieu, after-dinner speech, allocution, aloha,
   chalk talk, conge, debate, declamation, departing, diatribe,
   doch-an-dorrach, eulogy, exhortation, farewell, filibuster, final,
   forensic, forensic address, formal speech, funeral oration,
   good-bye, harangue, hortatory address, inaugural,
   inaugural address, invective, jeremiad, last, leave, leave-taking,
   leaving, oration, outward-bound, parting, parting words, pep talk,
   peroration, philippic, pitch, prepared speech, prepared text,
   public speech, reading, recital, recitation, sales talk,
   salutatory, salutatory address, say, screed, send-off, set speech,
   speech, speechification, speeching, stirrup cup, talk, talkathon,
   tirade, valediction, valedictorian, valedictory address,
   viaticum