The 47-year-old star was given the award in recognition of her achievements on stage as well as on screen, television and her music.
She will receive the award at the 15th Annual Satellite Awards gala luncheon on December 19 at the InterContinental Hotel in Century City, Calfornia.
Williams became the first African-American woman to be given the Miss America title in 1983 but after a nude photo scandal her crown was taken away.
She then relaunched herself as a singer and in 1988 she released her debut album The Right Stuff. Williams also performed the vocals on Colors of the Wind, the title track for Disney flick Pocahontas.
Williams has also performed in Tony Award-winning musical Kiss of the Spider Woman and Into the Woods and has starred in TV shows Ugly Betty and Desperate Housewives.