The Democrat has been in Congress since 1993 and is chairman of the House Homeland Security Committee.
The Greenwood Commonwealth reports that during a ceremony Saturday, MVSU President Donna Oliver said Thompson has long been a supporter of education. Oliver called him a trailblazer and a role model for students.
A university news release says the student plaza will be the center for academic debate, lectures, voter registration and other social events.
Thompson faces Republican Bill Marcy and Reform Party candidate Ashley Norwood in the Nov. 2 general election.