Other current and former Heat players have won Olympic gold medals, including Chris Bosh, but the team has only presented banners to those who were part of the organization at the time of their victories.
Bosh and Wade both skipped this year's Olympics because of injuries.
"I went through a lot of mixed emotions this summer," Bosh said. "Yes, I was having a good time. But when I watched the Olympics, it's like, 'Man, I want to be out there. It looks like so much fun.' They played a fun style of basketball."