Maharashtra Governor C Vidyasagar Rao presented the award to the actress in recognition of her talent and contribution to the film industry.
"I take this award not just as a validation but something of a reminder to say that the curtains have not fallen yet. There is still the best to come in the near future. It is reminder to do better than the best, better than ever before. It's not my last chapter, but best chapter," Rekha said.
The 61-year-old actress, who worked with Chopra in 1981 romance Silsila, said the filmmaker taught her the meaning of love through his work.
The award has been instituted by the TSR Foundation of T Subbarami Reddy in the memory of the producer-director, who died in 2012.
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Rao said, "In mathematics you learn the concept of rekha as a line - which can extend in both directions. It has infinite potential to grow on either sides. The same way Rekha has infinite potential as an actress and human being."
Veterans like Shatrughan Sinha, Sridevi, Jaya Prada, Simi Garewal, Boney Kapoor, Pam Chopra and young star Ranveer Singh, among others attended the event.
Melody queen Lata Mangeshkar and megastar Amitabh Bachchan had also been felicitated with the award.