The five-time Grand Slam winner was inducted into the sport's pantheon last year and revealed that she was apprehensive about asking her former rival to introduce her at the event, despite her "deep respect" for the American ace.
Sharapova - who retired from tennis in 2020 - told Gayle King at the Time100 Summit in New York City: "I had some of the toughest moments and some of the biggest victories on the court with Serena. At the end of the day, we have so much deep respect for each other, and there was no one that I wanted to see other than her up on stage."
The former world number one confessed that she texted Williams - who she famously defeated in the final to win Wimbledon at the age of 17 in 2004 - at first as she feared her former foe wouldn't reply.
Sharapova recalled: "So I texted her. She calls me right away. We spoke for over an hour. We didn't even touch upon the Hall of Fame until the last five minutes. We talked about our careers, our lives, our children, our businesses. So at the end of it I was like, 'Oh, by the way, would you induct me into the Tennis Hall of Fame?'"
The former tennis star recalled how Williams prepared like a "true athlete" for the induction, with her appearance coming as a complete surprise to those at the ceremony.
Sharapova said: "Nobody knew - not even my father who was sitting right next to me — before she came on stage. I wanted to be a big surprise for everyone, and I felt it in the room."
Williams dominated the rivalry between the two on court - with a 20-2 record in head-to-heads between the pair - but Sharapova says the duo have "mutual respect" for each other's work ethic and determination.
She told People last year: "I looked up to [Serena and Venus] so much, and then I found myself across the net from Serena when I was a teenager, playing in my first Grand Slam final to many more Grand Slams.
"So many years facing each other to then her accepting to induct me into the Hall of Fame was a full-circle moment."