Jaitley, who is Leader of the Opposition in Rajya Sabha, gets the award for the year 2010, Karan Singh for 2011 and Sharad Yadav for 2012.
Jaitley and Singh are members of the Upper House from Gujarat and Delhi, respectively, while Yadav is a Lok Sabha member from Madhepura, Bihar.
The Indian Parliamentary Group had instituted the award in 1994 which is conferred each year.
Lok Sabha Speaker Meira Kumar had constituted an Award Committee to select the member for the award for the three years.
The awards will be conferred at a function later, the statement said.
The Award is conferred each year on an Outstanding Parliamentarian recommended by the Committee and approved by the Executive Committee of the Indian Parliamentary Group since 1995.