This time last year Williams were celebrating Pastor Maldonado's win at the Spanish Grand Prix.
Brazilian veteran Rubens Barrichello took the Williams over from novice team-mate Pastor Maldonado, whose test ended early with a crash on Friday.
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Williams' Pastor Maldonado, who won last year's race for his maiden F1 victory, was back in 18th behind his rookie teammate Valtteri Bottas.
Honour guards were made up of prominent Venezuelans, including student leaders and baseball players, Formula One driver Pastor Maldonado and conductor Carlos Dudamel.
Senna's nephew Bruno will make his debut for the team alongside Venezuela's Pastor Maldonado at the season-opening Australian Grand Prix on March 18.
However, Italian Vitantonio Liuzzi and Germany's Hulkenberg, who raced for Williams last year before making way for Venezuelan Pastor Maldonado, are also under consideration.
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Vettel's relegation will see Pastor Maldonado of Venezuela in his Williams promoted to third on the grid to share the second row with Kimi Raikkonen in his Lotus.
Williams are also still to announce a teammate for Venezuela's Pastor Maldonado, while Senna's 2010 team Hispania have a seat available alongside veteran Spaniard Pedro de la Rosa.
Other attendees at the chapel ceremony were Venezuelan-born Formula One racer Pastor Maldonado and fencer Ruben Limardo, who beat the world's top fencers to win gold at the London Olympics.
Pastor Maldonado qualified 17th for Williams but joins Barrichello at the back after he received a 10-place grid penalty for taking a ninth new engine - one more than the eight allocated to each driver for the season.
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It was a busy afternoon in the pits as Sauber released Nico Hulkenberg too early and he bumped into the back of a Toro Rosso and with Pastor Maldonado last year's surprise winner pitting in the wrong place.
Despite an impressive rookie season, Hulkenberg, who took pole at last season's Brazilian Grand Prix, was released by Williams in favour of Pastor Maldonado, whose presence in the team is tied to a multi-year, multi-million-pound sponsorship from the Venezuelan state oil company.
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