The "Umbrella" hitmaker will be feted for her career and philanthropic efforts alongside fashion designer Eileen Fisher and bosses at Neiman Marcus on May 22 at Pier Sixty in New York, according to The Hollywood Reporter.
"Parsons is proud to present Rihanna with this honor, as she has inspired millions through her powerful music and distinct style," a statement from Parsons School of Design executive dean Joel Towers reads.
"She has championed our recent alumni on a number of occasions by wearing their designs. She is also creating important philanthropic programs, which support communities by fostering effective education, health, and emergency response programs around the world through her Clara Lionel Foundation."
She founded the organisation, which provides support to underprivileged communities, in 2012. It is named after her grandparents Clara and Lionel Braithwaite.
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"It's such a thrill to know that a design school as prestigious as Parsons School of Design would present me with this honor," a statement from Rihanna adds.
"I consistently find creative and exciting designs coming from Parsons alumni, so I feel a deep connection to the school. But I am especially grateful that Parsons would recognize me for the work I've done in regards to philanthropy."