The former 40-year-old "Desperate Housewives" star was given the honour in recognition of her outstanding contributions to Latinos through entertainment and philanthropy.
She was presented the prize by Roselyn Sanchez, who stars in Longoria's TV series "Devious Maids".
Sanchez praised her friend for being an inspiration to many, and even urged the actress run for office.
Longoria took the stage at Hollywood's Avalon venue to accept the prize, and used the platform to encourage her fellow Latinos to "shape the narrative of how this country defines" them.
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She also used her acceptance speech to subtly take aim at presidential hopeful Donald Trump, who stunned Latinos in June when he suggested many Mexican immigrants to American were "rapists".
Longoria added, "It's our responsibility to make sure we are not what people see on the news - that being Latino is not synonymous with being illegal, that being Latino is not synonymous with being undocumented or not from here.
"It's up to the people in this room to support each other. So many beautiful, young people, all these 10 Latinos To Watch, there are about 100 to watch and all you guys who have not been recognised."