Actresses Brie Larson and Saoirse Ronan will receive the outstanding performer of the year award at the Santa Barbara International Film Festival.
It is the first time the award is being given to two winners. Both are tipped for Oscar nominations for their roles in "Brooklyn" and "Room" respectively, reported BBC.
Larson, 26, and Ronan, 21, have both previously been awarded the festival's Virtuoso award. They will be honoured at a ceremony on February 8.
The festival's executive director Roger Durling said they were "proud" to jointly celebrate "these two great actresses in such strong performances".
"This is an incredible year for emerging talent to take centre stage and showcase their abilities. We've long been following the careers of Brie and Saoirse and their recent roles as empowered young women transcend time, place and circumstance."
Ronan's performance in "Brooklyn" has already won her the New Hollywood Award at the Hollywood Film Awards.
In the film, she plays Eilis Lacey, a young woman from rural Ireland in the 1950s, who has to leave her home to find job opportunities and a future in the US.
Saoirse Ronan's character Eilis gets a job in a department store in Brooklyn when she emigrates to the US
"Room", a captivity drama, is based on the Booker-nominated bestseller by Emma Donoghue.
The film sees Larson play a woman who is kidnapped and gives birth to a son while being held captive.
