The former Happy Days star was among the honourees who were recognised for their contribution to the small screen at the ceremony, held at the Beverly Hilton Hotel in Los Angeles.
Howard, who produces Arnett's Tv hit Arrested Development, was introduced by the actor and subsequently thanked him for his kind words in a post on Twitter.com, writing, "Will was hilarious as he inducted me into Tv Hall of Fame," to which the star replied, "Congrats (sic) Ron Howard. Truly deserving."
The moviemaker documented his big night out by posting a series of pictures on his Twitter.com page, including a shot of him posing with Star Wars icon George Lucas.
Law & Order creator DICk Wolf was also honoured at the ceremony, which was hosted by The Big Bang Theory actress Kaley Cuoco, along with veteran newsman Bob Schieffer.