Etymology
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valediction (n.)

"a farewell, a bidding farewell," 1610s, from past participle stem of Latin valedicere "bid farewell, take leave," from vale "farewell!," second person singular imperative of valere "be well, be strong" (from PIE root *wal- "to be strong") + dicere "to say" (from PIE root *deik- "to show," also "pronounce solemnly").

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Definitions of valediction

valediction (n.)
the act of saying farewell;
valediction (n.)
a farewell oration (especially one delivered during graduation exercises by an outstanding member of a graduating class);
Synonyms: valedictory address / valedictory oration / valedictory
From wordnet.princeton.edu