The synalpheus pinkfloydi uses its large pink claw to create a noise so loud it can kill small fish.
The team behind the discovery vowed years ago if it ever found a new pink shrimp it would "honour" the rockers.
Sammy De Grave, head of research at Oxford University Museum of National History, said he has been a fan of the band since he was a teenager.
And it is not the first crustacean he's named after a rock legend, having already named a species of shrimp after Rolling Stones front man, Mick Jagger - elephantis jaggerai.
He said: "I have been listening to Floyd since The Wall was released in 1979, when I was 14 years old.
"The description of this new species of pistol shrimp was the perfect opportunity to finally give a nod to my favourite band.
"We are all Pink Floyd fans, and we always said if we would find a pink one, a new species of pink shrimp, we would name it after Pink Floyd."
The pistol, or snapping shrimp, has an ability to generate sonic energy by closing their enlarged claw at rapid speed.
It can reach 210 decibels - louder than your average rock concert - and results in one of the loudest sounds in the ocean.
The description of the species, found off the Pacific coast of Panama, has been published in the Zootaxa journal and was co-authored with the Universidade Federal de GoiÃ¡s in Brazil, and Seattle University in the US.

League of Gentleman star Steve Pemberton will adapt EF Benson's novels about two ladies who vie for social prestige in small-town England.
The characters were previously played by Prunella Scales and Geraldine McEwan in a Channel 4 series in 1985.
Richardson, who will play Elizabeth Mapp, said: "I cannot wait to get my teeth into Mapp, and of course, Lucia."
"I am so looking forward to a summer of hard work and I hope, great fun," said the Parade's End star.
Chancellor - whose recent TV credits include Fleming and The Hour - said she was "thrilled to be playing the glorious Lucia".
"I hope I can do justice to EF Benson's wonderful creations," she added
The comic drama, set in the 1930s, focuses on the snobberies and pretensions of life in the quaint English town of Tilling - and the rivalry which ensues between the visiting Mrs Emmeline Lucas (Lucia) and Tilling socialite Elizabeth Mapp.
"I feel sure viewers will relish their time in Tilling, and will enjoy watching the slyly scheming Mapp take on the gloriously haughty Lucia in a dizzying round of bitter bridge parties, devious dinners and malicious musical evenings," said screenwriter Pemberton.
Pemberton - who is currently starring in BBC One drama Happy Valley - described himself as a "long-time fan" of Benson's six "deplorably funny novels".
"But be warned," he added "this is no jolly period romp. This is a series about a war. May the worst-behaved woman win."
Mark Gatiss, Pemberton's League of Gentleman co-star, will join the cast as Major Benjy in the three hour-long films. No transmission date has been announced.

QK Cold Stores (Marston) Ltd was prosecuted by South Kesteven District Council after the incident in June.
Grantham magistrates heard the employee was walking towards a freezer room in the warehouse's main bay when it happened.
The man equired skin grafts to repair the damage to his right leg.
At a hearing on Thursday, the court was told the council's environmental health team found no rear beacon on the forklift truck and a broken light.
It was also unclear whether the driver had sounded the horn, as required.
For the company, Phil Cookson entered guilty pleas to offences under the Health and Safety at Work Act 1974.
In mitigation, he said the firm had evaluated its risk assessment and since the incident had made £75,000 worth of improvements in the warehouse, including creating new pedestrian walkways for staff to avoid areas used by forklifts.
A new species of shrimp has been named after Pink Floyd thanks to a pact between prog rock-loving scientists.
[NEXT_CONCEPT]
Miranda Richardson and Anna Chancellor will take the lead roles in a new BBC One adaptation of Mapp And Lucia.
[NEXT_CONCEPT]
A firm has been fined almost £14,000 after a fork lift truck reversed over a man's leg in a warehouse, ripping his skin to the bone.