The first thing that you need to do to gain respect from your team members is to treat them with respect. Here's a list of 10 other things that you need to do to get that respect:
1- Be their leader: Prove to your team that you are a leader. There are many books and articles written on how to do just that.
2- Show your problem solving skills: Always find a solution to solve technical problems that your team members face. This will improve your status in their eyes.
3- Be consistent: Don't treat them one way one day and another way the next.
4- Show up to work on time: It's very tempting to enjoy the concept of flexible hours these days, but you may risk appearing as a slacker. Showing up on time will force your team members to follow your lead and show up on time as well. They will also respect you more.
5- Don't act like the class clown: Even if you are paid much more than any member in your team, even if you have the nicest car, the best office, and even if everyone likes you; if you act like a clown you will be treated as a clown.
6- Don't break your promises: Breaking a promise is the easiest way to lose a team member's respect.
7- Don't treat your team members differently: Don't bestow a "protege" status on anyone of your team members. Treat them all equally, but take into consideration the different type of characters that you have in your project team.
8- Don't take sides: When there is a conflict between your team members, try to have them resolve it between themselves, and never ever take sides, regardless of who's right and who's wrong. Conflicts are always subjective so don't get into that trap.
9- Have a reasonable amount of compassion: If someone is having a hard time then give him the rest of the day off, or better, try to find out how you can help.
10- Don't over-allocate them: Don't over-allocate your resources. It is your problem if you committed yourself to an impossible schedule, and not theirs.