Not on the scale of the high profile commemorations surrounding last year's centenary of the tragedy, the event at City Hall was more low key, with a crowd of around 100 people attending.
More than 1,500 people died when the White Star Line vessel foundered on its maiden trans-Atlantic journey in April 1912 after striking an iceberg.
Around 35 relatives of some of the victims laid flowers on a recently unveiled memorial in the grounds of Belfast City Hall after prayers and speeches.
Of the those who died, 28 were men from Belfast.
Susie Millar, the great grand daughter of lost crew member Thomas Millar, said:
"It's wonderful to see people from all different parts of the UK and beyond here to take part in our ceremony."
Belfast Lord Mayor Gavin Robinson said the city had reached the point where it could look back with pride on the achievement of building the Titanic.
"However, this garden and this commemorative service I think appropriately recognise the human sacrifice that was lost 101 year ago," he added.
"So I do think it's incredibly humbling but yet poignant that we are here this afternoon and we do appropriately commemorate and recognise the sacrifice from all those from Belfast and indeed internationally who lost their lives on Titanic."
The new garden has been built around an original Titanic memorial that was unveiled in the city in 1920.
A second memorial, incorporating all the names of those who died, was installed close by ahead of last year's centenary events.
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