Sengstock won five NBL championship rings, his first coming in 1979 with St Kilda. He was named Most Valuable Player in the 1979 Grand Final; twenty years later, the Grand Final MVP award would be renamed the Larry Sengstock Medal in his honour.
He was named to the All-NBL First Team in 1982, and was a unanimous selection for the NBL's Hall of Fame in 2001.
In 2010, a special team was created to honour Sengstock's rise from Basketball's grass roots to international fame. The Larry Sengstock All Stars have mirrored Larry's climb by achieving international recognition from their humble beginnings in the Life Be In It League in Unley, South Australia.