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The event was held at Gold Reef City symbolising the gold medals the South Africans will be aiming to win at the global showpiece towards the end of July.
Wednesday's celebration saw Blitzbokke sensation Cecil Afrika, former Bafana Bafana captain and now retired football legend Lucas Radebe, golf sensation Ernie Els, retired international cricket ace Makhaya Ntini were unveiled as the South African team's ambassadors for the Games.
Cynthia Tshaka, one of the first Laureus Ambassadors in South Africa as well as the founder of the Sports Heroes walk against HIV/Aids will also be an ambassador.
"The role of the Team SA Ambassador is to inspire and mentor the Team SA athletes competing at the London 2012 Olympic and Paralympic Games, while encouraging young and old people worldwide to become more active in sport," said SASCOC chief executive Tubby Reddy.
Following Sports and Recreation minister Fikile Mbalula's 'Magnificent Friday' initiative before the soccer, cricket and rugby World Cups, where South Africans were encouraged to wear green and gold on Fridays, SASCOC also launched a supporter's shirt for the Team SA Fridays.
Team SA Fridays which kick off will aim to drum up more popular support for the SA team to the world's biggest global sports event.
100 balloons with athletes' dreams and hopes for the Games were released at the event.
Sporting hopefuls for the Games, including track and field athletes and members of the national men's hockey team, who will be leaving for their Olympic qualifier tournament in Japan on Thursday, were also in attendance.
