Both Uses

venerable
in
Atonement, by Ian McEwan
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These were awesome occasions worthy of the ancient silver service; the venerable great-uncles and —aunts and grandparents were Victorians, from their mother's side of the family, a baffled and severe folk, a lost tribe who arrived at the house in black cloaks having wandered peevishly for two decades in an alien, frivolous century.†
Chpt 1 *

venerable = respected (worthy of respect) -- typically because of age or position
The sister was coming at a sharp pace from her end of the ward, her heels resounding in the venerable space.†
Chpt 3

Definitions:

(1) (venerable)
respected (worthy of respect) -- typically because of age or position
(2) (meaning too rare to warrant focus)
Much more rarely, venerable can be used as a specific religious title whose exact meaning depends upon the religious denomination, but when given, is only to a small number or people who are exceptionally respected and admired.