BMI vice president Barbara Cane explained the decision to create an award in Swift's honour, saying she had "transformed pop culture", not just through music but by supporting other artists and challenging streaming services to pay musicians fairly.
"She has had a profound impact, not only musically, but also through her personal conviction and commitment to create a standard that values and respects music for everyone," said Cane.
"We felt it appropriate to award Taylor with an honour that is as unique and special as she is."