When Shifu's Five saves the day and accepts that it is worth losing their future as Master Oogway's students. At that moment, Master Oogway reveals his presence to not only praise them for doing the right thing, but also to dub them as Masters. In doing so, he describe their best qualities of this adventure before dubbing them one by one, culminating with Fu, the instigator of this affair, being dubbed "Master Shifu" (English: Master Teacher), the highest award of them all.
Master Shifu's account of Po's training as he reveals that realized the Panda is truly worthy to be the Dragon Warrior not because of his abilities, but because of his inner spirit and sincerely humble desire to seek "Excellence of Self," the true meaning of kung fu. Case in point, the basic training others had taken years to learn, Po masters in just three days!
Yeying when she finally confronts the old creditor who originally demanded her to be his concubine for her father's debts. While her father and Shifu playfully take bets how long the encounter will last, Yeying kicks the old idiot and gorilla goons' butts with gusto.
All of Shifu's childhood village when Shifu's Five was attempting to psyche out all of the renegade army with an elaborate monster act to scare them into running. Just when they are about to be found out, suddenly there's a whole army of undead coming at the army and they break and run. That "undead horde" turns out to be the entire population of the village, organized by Shifu's formerly resentful oldest brother to back up the Five's act as much as they can.
Zigsa deciding he must guide the villagers to safety rather than participate in the upcoming battle. This is quieter than the others, but to see a warrior groomed for so long for pitched battle give up his chance to take part in a possible legendary one because protecting the innocent is more important is an awesomely heroic choice. Oogway certainly thought so and noted that it was that act that showed that Zigsa was finally worthy of being called a Master.
When Rong Lang's men come to the Valley to try and arrest Shifu and his fellow masters, Oogway has this epicShut Up, Hannibal!:
"How dare you… how dare you? How dare you come to my home, pound on my door, and order me to release innocent men into the hands of an angry mob? If you are looking for traitors and murderers, look no further than your own reflection! I am going to say this once, and only once, if I ever, ever see you, your soldiers, or any of your courtiers or officials in this valley, ever again, I will make you rue the day your mother conceived you. I will make you rue the day your father was conceived, and his father, and his father's father, and all the way down the line to the progenitor of your family tree. I will make you wish your clan never existed, and curse your mother's and father's name. And if you think you can threaten the lives of my students and friends… think again. If you dare to send anyone after them, wherever they may go, it is not my students you'll have to worry about, oh no… you will need to worry about me and what I will do to you. No one threatens my students, not even the so-called 'Son of Heaven'. Got that? If you are not out of this valley by noon, I am coming after you and will personally drag you to the Thread of Hope and toss you into the chasm. Now get out."