The award honours an actor, whose talent and career personifies an enduring commitment to excellence, including special awareness of the role and importance of costume design, reported Deadline.
Watts, 46, most recently starred in Oscar-nominated 'Birdman', opposite Emma Stone and Michael Keaton, in the role of a Broadway actress and played a pregnant Russian stripper in Bill Murray's 'St Vincent'.
The guild will also present honorary awards to 'Boyhood' writer-director Richard Linklater, costume designer Aggie Guerard Rodgers and designer and scholar Deborah Nadoolman Landis during the ceremony.
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