Banks was honoured with the Prog God Award, while Wizard frontman Wood picked up the Outer Limits Award at Shakespeare's Globe Theatre.
Meanwhile, Steven Wilson's Hand. Cannot. Erase was named Album of the Year and the winner of the Storm Thorgerson Design Award, and Danny Thompson became the first recipient of the Chris Squire Virtuoso Award, named after late Yes bassist Squire, who lost his cancer battle earlier this summer (15).
Other winners included Opeth (Band Of The Year), Gentle Giant (Lifetime Achievement Award), Holger Czukay (Visionary Award), Roger Dean (Guiding Light Award) and Marillion (Live Event Award).
This year's awards show was held just days after the compilation of Britain's first Official Progressive Albums Chart, which was topped by Tame Impala.