The actors and director Penelope Spheeris appeared at a reunion event at the Academy's Samuel Goldwyn Theater in Beverly Hills to discuss the 1992 comedy classic.
Myers is known to have fallen out with Spheeris over editing decisions of the first film, while he later blocked her directing the sequel.
He has also had a tempestuous relationship with co-star Carvey, with the latter said to be upset with Myers for modelling Dr Evil on his own impression of Saturday Night Live creator Lorne Michaels.
However, there was no signs of any issues with the filmmakers on stage in Los Angeles on Tuesday (April 23), states The Hollywood Reporter.
Rob Lowe, Brian Doyle-Murray, Lara Flynn Boyle and Tia Carrere also joined their former co-stars, along with Lorne Michaels himself.
Wayne's World executive producer and Academy president Hawk Koch moderated the panel discussion.
Speaking about the surprise success of the film, Myers recalled a meeting with a Paramount executive, who said: "It's Ghostbusters numbers!" Myers added: "The first note we got back was, 'I don't get it'."
Lorne Michaels - who oversaw the original Wayne's World sketch on SNL - said: "It's designed in every way to be fun. It has no other agenda."
Back in January 2012, Dana Carvey stated that he would be interested in making a third Wayne's World movie.
Wayne's World grossed over $180 million at the global box office, spawning a successful sequel in 1993.
Watch a trailer for the film below: