Will Ferrell is reflecting on the day he realized one of his “Saturday Night Live” castmates was truly a superstar.

On Monday, Ferrell paid tribute to his former “SNL” co-star Molly Shannon at her Hollywood Walk of Fame star ceremony, crediting her with pulling the long-running sketch show out of a serious slump.

Ferrell began by flashing back to Oct. 28, 1995, the fourth episode of “SNL” Season 21. It was Ferrell’s debut season, while Shannon had been brought in a few months earlier at the end of Season 20. The new cast at the time was receiving flak due to an overhaul that had fired much of the previous cast, notably Adam Sandler and the late Chris Farley.

“No one knows us, or if we’re any good, or if anyone even likes the show anymore,” Ferrell explained of the vibes surrounding the show at the time. “It’s coming out of a low ebb, ‘Saturday Night Dead’ were some of the headlines, and we’re just out there throwing things up to see what’s going to happen.”

And what ended up happening was that Shannon debuted a legendary character.

“That night is the first time we get to see Mary Katherine Gallagher,” Ferrell said of Shannon’s hilariously awkward Catholic schoolgirl persona.

The “Anchorman” star went on to describe the moment he knew Shannon’s character was going to be a hit.

“At dress rehearsal, I’m in the beginning of the sketch, and I had to run to do a quick change, and as I was changing, I’m hearing Molly perform the character and I’m feeling the stands shake with laughter.”

He continued, “To the point that I thought, ‘Oh my god, I haven’t heard laughter like this so far in the three shows we’ve done.’ And it was such an emotional moment, because I remember thinking, ‘We’re going to be OK. Molly has saved us — at least we have one funny character.’”

Will Ferrell says that Molly Shannon "saved SNL" with her Mary Katherine Gallagher character at her Hollywood Walk of Fame ceremony:"I remember thinking, 'Oh, we're going to be OK. Molly has saved us. At least we have one funny character.'" pic.twitter.com/Su8dO4Wd3g

Mary Katherine was quite the phenomenon and got her own movie in 1999 titled “Superstar,” which was named after the character’s catch phrase. Ferrell — fittingly — co-starred in the comedy.

“I was thankful to be a little part of that legendary character,” Ferrell told Shannon at the ceremony. “What was so great about Mary Katherine is that it was such a trademark of what you do. The character was funny, real, dark in moments, an outsider who dreamed, which is what you bring to so much of your work. It was a moment I’ll never forget. It literally was a catalyst for us to continue on, and it was a catalyst for you.”

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