Its main proposer Adrian Bannon said Irish people could be honoured with their names on shamrocks on the central pathway on Ireland's top thoroughfare.
The initiative could lead to a boost for tourism and jobs in the city, he said.
His idea has already won support from Bridesmaids movie star Chris O'Dowd, television chef Clodagh McKenna, and Labour city councillor Maria Parodi, he said.
A 'Shamrocks of Success' campaign to strengthen support for the proposal was launched on Facebook to help celebrate The Gathering 2013.
"Let's reward our island icons with a shamrock boulevard of brilliance on O'Connell Street," said Mr Bannon.
The shamrocks embedded in the pavement would be a tasteful black and gold and be sponsored by businesses in the city, he said. The public could vote on social media for people who should be honoured in conjunction with a national judging panel.
Five people each year could be honoured with a pavement shamrock.
They could be chosen in five different categories: the arts, humanitarian work, sports, business, and a special international category.