Time included the song on its list of the All-TIME 100 Songs.
A remixed version of "Scenario" appeared on the B-side of the 12" single and cassette single as well as the limited edition release of the group's final album, The Love Movement (1998). The remix also features Leaders of the New School and newcomer Kid Hood, who was murdered three days after recording his verse. Blender magazine ranked the remix at number 216 in its list of "The 500 Greatest Songs Since You Were Born".
Nicki Minaj quotes Busta Rhymes' famous line, "Rawr, rawr, like a dungeon dragon", in her 2010 song "Roman's Revenge". Busta Rhymes appeared on the song's remix, quoting additional lines from his "Scenario" verse and referring to himself as "the original dungeon dragon".
Parts of the song are sampled and referenced lyrically in the song "Who's That? Brooown!" by rap group Das Racist. Particularly LONS member Charlie Brown's lines.