Located directly across from the main entrance (South Prospect Street) to Waterman, the Memorial Room was originally used as a space to house rare books. Semi-circular with a bank of windows in the west end of the room, the University motto which is also incorporated into the UVM Seal -- Universitas Viridis Montis Studiis et Rebus Honestis -- is prominently written across the main beam ("University of the Green Mountains. Dedication to studies and to honorable pursuits").

Memorial Room now houses portraits (paintings and sculpture) of UVM Presidents, notable alumni as well as T.W. Wood's portrait (c. 1896) of Ira Allen, founder of the University of Vermont. The space is primarily used for meetings. Other commemorative spaces in Waterman include: the main corridor where one can see a Memorial to University alumni who fought in World War II, and a listing of Memorial Plantings on the University Green and adjacent areas. The Phi Beta Kappa Room and the Grace Coolidge Dining Hall, named for the wife (First Lady) of Vermont born U.S. President Calvin Coolidge, are located on the fourth floor.