The tribute was to include a moment of silence on the course and a brief ceremony on the 18th green at Laurel Valley. Audio equipment was set up to allow players to hear comments from Arnold Palmer, Laurel Valley founder, wherever they were on the course.
However, the players had to seek shelter in the clubhouse to escape a downpour that may make the completion of the first round unlikely on Thursday.
John Daly was the early leader when play was suspended after carding a birdie and an eagle over his first three holes.
The PGA Tour is scheduled to perform similar ceremonies to the one slated in Pennsylvania at the Buy.Com Boise Open (noon local time) on Thursday and the Senior PGA Tours SAS Championship in North Carolina (noon local time) on Friday.
A one-minute moment of silence was experienced Thursday at the European Tours Trophee Lancome in Paris, France.