Dannielynn Birkhead Honors Late Mom Anna Nicole Smith at Barnstable Brown Gala

Larry Birkhead and daughter Dannielynn Birkhead attended the Barnstable Brown Gala on Friday ahead of Saturday's Kentucky Derby

Dannielynn Birkhead is paying homage to her late mother Anna Nicole Smith in a very special way.

The 16-year-old and dad Larry Birkhead attended the 34th annual Barnstable Brown Kentucky Derby Eve Gala on Friday evening, where she wore a black tulle skirt and blouse featuring her mom's photographs from her famous Guess campaign, accessorized with rhinestone shoes.

"She's showing off her fashion sense but at the same time paying tribute to her mom," Birkhead told PEOPLE just ahead of the annual gala.

"It came from a Guess collection that sold out and she [Dannielynn] saved it for a special occasion," says Birkhead who wore a tie that matched his daughter's shirt. "It's done with photos from some of Anna's best Guess campaigns."

"We're both paying tribute because it's the 20th anniversary of our first meeting," says Birkhead who first met Anna Nicole at the Barnstable Brown Gala in 2003 when he was a young photographer sent to cover the annual event which benefits the Barnstable Brown Diabetes Center at the University of Kentucky.

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"It seems like yesterday to be honest," he recalls. "That I was walking up with my camera bags and just hoping for a decent picture. I wound up with so much more. It's funny how one event can change your life. And that's what this party did for me. If I had not been there that night and had that connection, how different my life would have been if I hadn't met Anna and had our daughter."

The father-daughter duo is expected to attend the 149th Kentucky Derby at Churchill Downs on Saturday.

Dannielynn and Birkhead attend the Kentucky Derby each year. The annual horse racing event is held in Louisville, Kentucky, at the Churchill Downs racetrack on the first Saturday in May.

Related:All About Anna Nicole Smith and Larry Birkhead's Daughter, Dannielynn Birkhead

He's proud to report that Dannielynn, now a high school junior, is "on the honor roll and starting to look at colleges."

She occasionally dips into the archive of her mom's clothes that he's kept for her in storage. "There's some t-shirts and different things she fits in but there's also some things that she'll say 'Dad, no thanks, that's not my style,'" he says. Plus, he adds, "There's also some things that would have to wait till later. Some things are a bit more revealing and low-cut. Plus, she was a variety of sizes, so she's got every size covered that you can imagine."

Last year, Dannielynn celebrated her 16th birthday and dad Larry honored his not-so-little girl with a sweet tribute.

"Dannielynn is such a great kid and she makes me so proud every day," he told PEOPLE. "I can't believe she is old enough to drive! It seems like yesterday I was pushing her in a toy car!"

The proud dad also posted a heartfelt message to his daughter on Instagram alongside a collage of images of Dannielynn through the years.

"Sixteen years ago my beautiful baby was born. That's if you want to feel really old," he teased. "Many people thought the odds were stacked against you, but maybe that was geared more towards me than you. Through tragedy, turmoil and a couple of baby tantrums-today you shine bright and are so accomplished. So proud to be your Dad!"

As she nears the end of her junior year, he says, "She just has a big heart."

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