The 73-year-old actress will be feted for her career achievements at The Hollywood Reporter's 2015 Women in Entertainment breakfast on December 9 in Los Angeles, reported Billboard.
Redford and Streisand played lovers driven apart by their political views and convictions in the 1973 film "The Way We Were".
Previous recipients of the accolade include Oprah Winfrey, Meryl Streep, Diane Keaton and Jodie Foster.