The "Mortdecai" actress and GOOP founder was presented with the Style Icon gong at the ceremony on October 26 by close friend Kate Hudson, reported Female First.
Welcoming Paltrow on stage, Hudson said, "From the first moment I laid eyes on this woman it was love at first sight."
To which the 43-year-old actress replied, "I don't have a little sister by birth, but if I had one, she's the incarnation of my beautiful, carefree, spirited little sister who brings music and spontaneity, and an incredible un-selfconsciousness and all of this fire into my life."
Other winners included Zoe Kravitz, who was named Breakthrough Style Star of the Year, and Ansel Elgort, who received the award for Man of Style of the Year.
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