Davies died on Saturday after a more than a decade-long battle with multiple myeloma, a type of blood cancer.
"As co-writer, along with partner Roger Hodgson, he was the voice and pianist behind Supertramp's most iconic songs, leaving an indelible mark on rock music history," a statement from Supertramp said.
"His soulful vocals and unmistakable touch on the Wurlitzer became the heartbeat of the band's sound."
Born in Swindon, southwest England, in 1944, Davies grew up with a love of jazz, blues and the piano, and helped form Supertramp in 1970 after placing a magazine advertisement looking for musicians.
The group's Grammy-winning 1979 album Breakfast in America made them one of the era's cultural touchstones, blending elements of classic rock and pop and winning praise from Rolling Stone magazine, which called the work "textbook-perfect".
Davies, who also played the keyboards and harmonica, carried the band forward after Hodgson's departure in 1983 but disbanded the group by the end of the decade.
"Beyond the stage, Rick was known for his warmth, resilience, and devotion to his wife Sue, with whom he shared over five decades," the band said in their statement.
"Rick's music and legacy continue to inspire many and bear testament to the fact that great songs never die, they live on."
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