The Owls’ Premier League dream was dashed by Mohamed Diame’s stunning strike but this has still been a campaign to savour at Hillsborough.
A highest league placing since being relegated in 2000 was secured, while Brighton, who only missed out on automatic promotion by two goals, were beaten in the play-off semi-finals.
“What we have done this season is wake up the giant,” said Carvalhal, who recently signed a new contract extension until 2019.
“Sheffield Wednesday will be more respected in the future, I am absolutely sure of that. We were in 19th position at one stage but achieved the play-offs. We got there with very hard work and by playing very good football.
“In the final, we were up against a very strong team and against players who had been in the Premier League. They have a good coach and the group has been together three or four years.
“We are a strong side but we started our work a few months ago. But Hillsborough became a paradise for our fans. We just lost two games there and beat Arsenal. We gave the fans good football and that is something to build on.”
Wednesday were well beaten in Saturday’s final but they did have one big shout for a penalty in stoppage time when Michael Dawson blocked Lucas Joao’s shot with his upper arm.
“I don’t walk to talk after a final about it (the penalty appeal). Hull City deserved to win,” said the Owls chief.