During her maiden speech, the Glasgow entrepreneur quoted the words from "Greatest Love Of All".
She said she loved music and cherished the song's line: "I believe the children are our future, teach them well and let them lead the way."
Baroness Mone of Mayfair was appointed a Tory peer in August last year.
In her 10-minute address on Monday she spoke about her life growing up in "a tenement flat in the east end of Glasgow with no bath or shower and only a cupboard for a bedroom".
The 44-year-old said: "I wondered whether I would fit in here, but I should not have worried.
"I am endlessly grateful for the guidance and support from all the officers and everyone who works in this wonderful house, and for the kindness and warmth of welcome from members on all sides."
Baroness Mone went on to say that her dyslexia had made her first Lords speech "harder than any business I have ever started".
The mother-of-three began her lingerie business 17 years ago.
She boasts of global success and is an established public speaker.
Baroness Mone ended her address by highlighting the inspiration she had found from American singer Whitney Houston who died in 2012.
She told a small gathering of peers: "I love music and I would like to share with you the words of a song by the late, great Whitney Houston, which inspired me when I was growing up.
"I normally sing this at karaoke, but on the advice of our wonderful doorkeepers, I thought I would spare your Lordships' ears: 'I believe the children are our future, teach them well and let them lead the way'."
The "Greatest Love of All" was originally recorded in 1977 by George Benson and covered by Whitney Houston in 1985.
In response to Baroness Mone's speech, fellow House of Lords member, Lord Fowler, said: "My lords, it is such a pity that the noble baroness did not burst into song, but there we are.
"It is a great pleasure to follow her and to congratulate her on her maiden speech, which was by any standards quite outstanding - I say that quite sincerely."
New peer Michelle Mone has told the House of Lords that she was inspired as a child by the lyrics of a "late, great Whitney Houston" song.