The two singers will join Taylor Swift, who's been named Billboard's Woman of the Year for the second time, and many other recipients at the ceremony scheduled for December 12 in New York City, reported Ace Showbiz.
Grande, 21, will receive the 2014 Billboard Rising Star award, an honour previously given to Lady GaGa, Nicki Minaj and Janelle Monae.
"To be recognised alongside some of the most influential women in the music business is such an incredible honour. Receiving the 'Rising Star' award is truly amazing and I'm extremely grateful!" the former Nickelodeon star commented on her new achievement.
"I'm so honoured to receive the Breakthrough Artist Award from Billboard. This has definitely been an amazing breakthrough year and I'm thrilled and humbled by it all, including this wonderful award," said the Broadway star and Tony award winner who hit Billboard Hot 100's top 10 earlier this year with 'Let It Go'.