Respect shown by knight in honour is excellent (9)
I believe the answer is:
obeisance
'respect' is the definition.
(I've seen this before)
'knight in honour is excellent' is the wordplay.
'knight' becomes 'n' (chess abbreviation).
'in' is an insertion indicator.
'honour' becomes 'obe' (Order of the British Empire award).
'excellent' becomes 'ace' (ace can informally mean very good).
'obe'+'is'+'ace'='obeisace'
'n' placed into 'obeisace' is 'OBEISANCE'.
'shown by' acts as a link.
(Other definitions for obeisance that I've seen before include "great respect" , "Submissive respect" , "show deference" , "curtsy" , "Deferential respect" .)