Smith received the mace from the ICC's umpires and referees manager, Vince van der Bijl, in a ceremony at the Wanderers in Johannesburg.
"I am truly honoured and humbled to receive the Reliance ICC Test Championship mace and prize money, not just on behalf of myself, the players and the team management but on behalf of all South Africans," said Smith.
"We all appreciate the enormous privilege of representing our country and taking on the responsibility that goes with it," he added.
India are placed third behind England in the current rankings.