Colin Polland, 39, jumped into the water after 15-year-old Kevin O'Hare, who had got into difficulty at the isolated pit near Annalong in June.
Emergency crews were called to the scene but both of them died.
At an inquest on Tuesday, Northern Ireland's Senior Coroner John Leckey said Mr Polland, who was from Co Down, had died in a "heroic" bid to save the Dromara teen.
He said: "Colin Polland lost his life heroically trying to save the life of Kevin O'Hare. I would recommend that his bravery is recognised posthumously in some way."
The suggestion by Mr Leckey was made in court to the PSNI. A police spokesman said they will study the Senior Coroner's comments.
Mr Leckey added that he would write to Environment Minister Mark H Durkan, Newry and Mourne District Council and the owner of the quarry to see what action could be taken to improve safety, as he was concerned of the potential for another drowning tragedy.