The victims' names are inscribed on the memorial wall
The park was opened on the Nairobi site where the embassy and a local bank building stood before being destroyed by the blast, which killed more than 200 Kenyan and United States citizens.
In May, a New York court found four people guilty of the bombing, which the US says was the work of Saudi-born Osama bin Laden.
President Moi said the bombing had shown that no country was exempted from the possible consequences of "blind rage and hatred that dominates the minds of international terrorists".
Double blast
The bomb killed 207 Kenyans and 12 US citizens and left more than 4,000 injured.
Seconds after the US embassy in Nairobi was destroyed, a second, smaller blast rocked Tanzania's capital, Dar es Salaam, claiming another 11 lives.
Justice RO Kwach, chairman of the trust behind the park memorial, sparked outrage when he announced that visitors would be charged 20 shillings (25 cents) to help meet maintenance costs.
Hundreds of people who had watched the ceremony through fences afterwards pushed their way past security guards and flooded the park, reading the 219 names inscribed on the newly unveiled black granite wall.
Scars
One of the bomb survivors, Jane Mutuku, her face still covered in scars, welcomed the new park.
She told Associated Press news agency: "It will give me more memories of the bomb but that's how you get over it."
The US has spent $4.3 million helping bomb victims and rebuilding central Nairobi but some survivors feel it is not enough.
Ms Mutuku is one of those who have sued the US government for compensation for her injuries.
The US says it will not make any more payments because it was not to blame for the bombing.
Henry Kimatu, another of the survivors, said: "Look at this building going up so beautifully - not like our lives which are getting worse."