The 45-year-old star will be presented with the honour at Santa Barbara's historic Arlington Theatre on January 30 as part of the fest's 30th edition (January 27-February 7).
Montecito Award has been presented annually, since 2005 to a 'performer, who has given a series of classic and standout performances throughout his or her career and whose style has made a major contribution to film'.
"Once in a while a performer who we thought we knew gets outside of his or her comfort zone and shows us the unexpected.
Previous recipients include Oprah Winfrey, Daniel Day-Lewis, Geoffrey Rush, Julianne Moore, Kate Winslet, Javier Bardem, Naomi Watts and Annette Bening.
The Emmy winner has received a Golden Globe nomination for best actress for her portrayal of an acerbic woman who becomes fascinated by the suicide of a woman in her chronic-pain support group.