Are they liturgically commemorated as Saints?
Unfortunately, no. I'm not sure why it is, but I've heard a couple of different explanations:
One explanation has to do with the fact that the Armenians don't really have an organized, formal way of declaring someone a saint. Historically, martyrs and others were just over time added to calendars, first locally and then higher up, without much formal process. I think this is the more ancient way of doing it. Over the centuries, though, other Churches have developed specific protocols for adding saints to their calendars, and the Armenians now find themselves in a world where having such formalities is the norm, but they don't have any. It's been at least a few centuries since anyone has been added to the Armenian calendar, and it seems people just don't know how to go about doing it now in today's world.
Another explanation I've heard relates to what Anastasia asked in her post just above. Over a million people died at the hands of the Turks during the Genocide, and we don't know who they all were, and what their spiritual state was at the time they died. (I've heard someone from the Russian Orthodox Church give an explanation similar to that as to why the millions killed by the Soviets can't all be declared martyrs.)
Personally, I think that those who died during the Genocide should, as a group, be declared saints, added to the calendar, and liturgically commemorated. Accounts given by survivors of the Genocide have shown that in most places, if not all places, the Armenians who were killed were given a chance to save their lives by converting to Islam. You hear stories of individuals who did convert and were spared, but the vast majority did not convert and were martyred. One of my mother's uncles, for example, had his throat slit in front of his family when he refused to convert. After he was martyred, his wife and children were sent on the death march into the Syrian desert. This sort of account is very common.
And while we don't know the names of the vast majority of these people, and we cannot confirm the spiritual state of every one of them at the time of their death, on the calendar we do see examples of large groups where we don't know the names, and only God knows how each and every one of them was spiritually when he died. One example on the Armenian calendar is the 1036 martyrs who are commemorated with St. Vartan on the Thursday before Lent. Another example is the "20,000 martyrs who were burned in the Church of Nicomedia," commemorated in late December. I would think that if these large groups of martyrs, whose names are known only to God, could be on the calendar, then the 1.5 million martyrs of the Genocide could likewise be put on the calendar.