The oral tradition of the meaning of Taarewaanga is as follows;
Some of our Tupuna Kite’s grandchildren, namely Mahuri Pounamu aka Te Raukura Roa, Te Rangimarie Sowerby, Te Atakohu Henry and Te Tatau Rangitaawa [all deceased] tell of their grandfather Kite having a flag which had been given to him by Kiingi Tawhiao. [An alternate version is that the flag was given to Kite by King Mahuta – the third Māori King]. This flag’s name was ‘Te Raukura o Te Rangimarie’ which is how our Kuia Te Raukura and Rangimarie got their names. Every morning Kite would have one of his mokopuna climb a cabbage tree on the marae to raise the flag while he recited his Pai Mārire karakia. There the flag would dangle, hang or suspend, i.e; ‘tārewa’. Every night, one of the moko would climb the cabbage tree and retrieve the flag accompanied once again by Kite and his Pai Mārire karakia. The flag was apparently buried with Kite on our Puke Tapu – Mātaiata. Unfortunately to this day, no-one has yet been able to recall what was on the flag.

According to Fin Phillips – Author of Ngā Tohu a Tainui – landmarks of Tainui and the Ōtorohanga Centennial booklet, Taarewaanga was the name of this area [including the Ōtorohanga College grounds] down to the Waipā Awa. This place was given the name ‘Taarewaanga’ because of the terracing effect of the land leading to the water’s edge.
Another story has it that the present marae grounds were slightly higher than the surrounding area [once again including the Ōtorohanga College grounds] and that when the Waipā Awa flooded or when the mist rose from the River, and if viewed from the top of Kākāmutu [mountain view road], the marae would appear to be dangling in the mist above the waters – ‘tārewa’ – meaning to dangle, hang, or suspend.