Rose said in a letter on the band's official website that he was relieved at the unexpected "overwhelmingly positive response and public support" for his decision.
Some members of the 6,000-strong audience at Saturday's ceremony in Cleveland booed when Rose's name was mentioned as other members of the Guns N'Roses went up to accept their award.
The mercurial lead singer of the band explained on Tuesday that his refusal to accept his honor was rooted in confusion over the induction process, despite making efforts to inform himself. Rose was the first artist to publicly snub the honor since the surviving members of the Sex Pistols in 2006.
"I still don't know or exactly understand what the Hall is or why it makes money, where the money goes, who chooses the voters and why anyone or this board decides who, out of all the artists in the world that have contributed to this genre, officially 'rock' enough to be in the Hall," he wrote.
Rose had not clarified the motives behind his decision in an open letter released last week, other than to say he did not feel "wanted or respected."
The Rock and Roll Hall of Fame website says the inductees are selected by the votes of more than 500 rock experts from a list of nominees drawn up annually by the Foundation's committee on the basis of 25 years in the industry and "unquestionable musical excellence."
Guns N' Roses found fame in the 1980s with hits like "Appetite for Destruction" and "Paradise City" but the original line-up broke up in the 1990s after a feud between Rose and guitarist Slash.
Rose on Tuesday congratulated the other artists who were inducted on Saturday and apologized to the city of Cleveland, where the Hall of Fame is based, "for not apologizing to them beforehand for not attending."
Other musicians inducted on Saturday included Red Hot Chili Peppers, Donovan, Beastie Boys, the late Laura Nyro, and the late Freddie King.
An edited version of the ceremony will be broadcast on HBO on May 5.
(Reporting By Jill Serjeant; Editing by Piya Sinha-Roy)
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