Grey-Thompson, who struck gold in the 100 metres, 200m, 400m and 800m, was joined by over 4000 athletes from 122 countries in front of an ecstatic crowd of 87,000 in Sydney.
Following the words of International Paralympic Committee president Dr Robert Steadward and the formal handing over of the Paralympic flag to representatives of Athens, the athletes entered the stage and the party began.
The British squad had a magnificent Games producing some outstanding performances as they claimed their best medal haul since the 1988 Paralympics in Seoul.
They will bring home 41 gold medals, 43 silver and 47 bronze to beat the total of 122 medals they achieved in Atlanta 1996.
Their efforts were witnessed by over a million Australians who filled the Olympic Park venue over the 11 days of competition.
For many of the squad these Games will be their Paralympic swansong with Grey-Thompson expected to quit following the Manchester Commonwealth Games in two years' time.
Scotland's double gold medallist sprinter Caroline Innes has already announced her retirement and others are expected to follow.
Leamington Spa's Bob Matthews is another athlete considering his future following his gold and two silvers in the endurance track events, the 10,000m, 5,000m and marathon, respectively.
However, Britain's future as a Paralympic force appears to be bright.
Double gold medal sprinter Lloyd Upsdell and equestrian's multi-gold medallists Lee Pearson and Nicola Tustain, to name but two athletes, look to be more than capable of dominating their respective sports.