Yeah, that's for sure. Only very rarely is there a grad. student that gets recognized for their work, much less an undergrad.
A couple of notable exceptions: Stork-Danheiser chemistry (Danheiser was an undergrad at the time), the Diels-Alder reaction (Alder was a graduate student, he actually did get the Nobel prize though), also there was an undergrad student who pointed out to Watson and Crick that they were trying to build models with the wrong tautomers of the base pairs so the hydrogen bonds in DNA didn't make sense. The second name on all of the name reactions that are named for E.J. Corey are the names of the students that worked on them, but I think that is more important to keep all the "Corey reagents" straight.
Actually, in the Grubbs group they refer to the different metathesis catalysts by the name of the person that first made the catalyst. So whereas the rest of the community would call it the "second generation Grubbs catalyst," at a Grubbs group meeting they would call is "<student>'s catalyst." (Sorry I don't know the student's name.) It probably makes it a lot easier to keep track since there are so many slight variants of the Grubbs catalyst motif.