The event, which took place in Las Vegas and aired on the History Channel, was referred to as Evel Live, as it saw Pastrana recreate three of Knievel's most iconic jumps, including one stunt that almost killed the late performer.
Pastrana, who also had a brief career driving in NASCAR's Xfinity and Truck Series, received a police escort to Caesars Palace after the first two jumps.
Last up was Knievel's fountain jump, in which the daredevil attempted to make a 140-foot jump over the fountain at Caesar's Palace. He went headfirst over the handlebars, crushed his pelvis and fractured several other bones in the process.
Performed live for the History Channel, Pastrana launched himself into the record books while honoring one of his heroes.
Over 50 years after Knievel's memorable crash, Pastrana cleared the fountains outside the Las Vegas casino. First Nitro Circus show here. "I'm not done yet, but this was definitely the coolest thing I've ever been able to do".
Those in the USA will be able to watch Pastrana in action from 8 p.m. EST Sunday on the History Channel.
The Caesars fountain jump has been done since - notably by Knievel's son Robbie in 1989 - but all the successful attempts have been with lightweight motocross bikes, rather than the big, heavy Triumph and later, Harley-Davidson XR750 flat-trackers Knievel rode because they were what he could get for free.
Next he recreated the stuntman's famous 1975 jump at Wembley in which he jumped 13 disused single-deck London buses. "This is the home of the most iconic jump, one of the most iconic events that has ever gone down".
Here is Evel Knievel's jump at the Los Angeles Memorial Coliseum, 45 years ago.
"I'm jumping a bike that's not made for jumping", Pastrana said after arriving in Las Vegas. "And to end at Caesars Palace, to have a chance to jump the fountain, it's not the longest jump, but it's definitely the hardest".
Pastrana then did some burnouts to celebrate the feat.