The 29-year-old actor is often left overawed by the achievements of his close friend, who he starred with in 2005 drama 'Proof'.
He said: "Bottom line, she is not a mere mortal like the rest of us. She is an internet savvy, award-winning lifestyle guru, making all of us look lazy. She doesn't just find a nice guy to settle down with - she marries a rock star and then domesticates him. She doesn't just cook - she goes to Spain with Mario Batali and then domesticates him!
"She is not just a lifestyle guru, but she invents a whole new fitness movement and then convinces me to try it, and I do it, and I am, therefore, domesticated ... sweating my a*s off in spandex, which is humbling and embarrassing."
The 38-year-old actress - who has two children, daughter Apple, six, and four-year-old son Moses, with her Coldplay frontman husband Chris Martin - returned the compliment later in the evening and praised Jake for being such a good friend.
Upon accepting her honour from the publication, she said: "Jake is gorgeous and hilarious and when we worked together in 'Proof', I was pregnant and I was a f***ing nightmare hormonal mess, but we managed to stay friends through it anyways."
She said: "I had my kids and everything really changed for me, so I feel so honoured that you are honouring me because I feel like I have shifted focus so much.
"I have this really great guy, and these two great kids, and I feel like that was all a process of getting me to where I am.
"I am a woman in Hollywood and I am a mother in Hollywood and I come from a woman in Hollywood, my mother Blythe. I think she did such a good job teaching me how to be a woman in Hollywood, teaching me god values, and I hope to pass that on to my kids."
As well as Gwyneth, Jodie Foster, Diane Keaton, Kate Hudson, Sofia Coppola, Hilary Swank, Kerry Washington, Diane Kruger and Jessica Chastain were honoured for their contributions to film at the event.