"Graduation" is the academic process of completing your degree to receive your diploma.
"Commencement" is the ceremony to celebrate the completion of your degree - to now commence/begin the next chapter in your 'life-long' learning.
"Regalia" is the proper term for your distinctive academic clothing/robes (informally called 'cap & gown') which is worn at the Commencement Ceremony to signify your degree. Faculty members wear academic regalia as well, the colors and style of the regalia indicate a specific college or university.
University at Albany, State University of New York · 1400 Washington Ave. · Albany, NY 12222 · Phone (518) 442-3300