The 72-year-old actress-director will be presented with the award at the group's 29th annual ASC Outstanding Achievement Awards gala on February 15, reported Deadline.
"Barbra Streisand's accomplishments across the entertainment industry are unparallelled, and we look forward to celebrating her groundbreaking contributions to the art of filmmaking," said ASC president Richard Crudo.
"The three films that Ms Streisand directed have earned 14 Academy Award nominations, and her skill in working with cinematographers in achieving her vision is a hallmark of her directorial work," he added.
Previous recipients include Harrison Ford, Julia Roberts, Christopher Nolan, Warren Beatty, Francis Ford Coppola, Sally Field, Morgan Freeman, Ron Howard, Sydney Pollack, Martin Scorsese and Steven Spielberg, among others.