The 18th annual ceremony - which pays tribute to notable female stars - also saw the likes of Michelle Pfeiffer, Freida Pinto, Evan Rachel Wood, Viola Davis and Naomi Watts saluted for their efforts in the acting field over the course of the past year.
Introducing Barbra as she collected the L'Oreal Paris Legend award at Beverly Hills' Four Seasons Hotel, Oscar-winning director Kathryn Bigelow said: "She is a world icon and somebody who has mastered virtually every art form imaginable; directing, acting, composing, singing, producing, writing."
'Slumdog Millionaire' actress Freida added: "Even sharing the same oxygen as her is incredible. You're a legend not only in Hollywood but literally all over the world."
Accepting the accolade, Barbra pointed out that only seven per cent of the top 250 films have been directed by women, and urged the attendees to create their own material.
She said: "Let's be bold and don't wait for the phone to ring. Create your own material. Tell me a story."
Meanwhile, Reese Witherspoon took to the stage to praise 'Marley and Me' star Jennifer, joking she wants to "make out" with the actress.
She explained: "She has sex appeal and complete lovability. You just want to get your nails done with her and you want to make out with her at the same time. At least I do. And that's what we do sometimes on Saturdays."