The former is receiving the top honor from the organization while the latter receives the prize for songwriters who have made an impact through their original songs.
Music veteran Phil Collins and country music star Taylor Swift will be among the honorees at the prestigious Songwriters Hall of Fame Awards next month.
Collins will receive the Johnny Mercer Award - the highest honor bestowed by the organization - at the Songwriters Hall of Fame Awards induction dinner in New York City on June 17. The accolade is bestowed upon a previously-inducted songwriter who has a history of outstanding work.
Meanwhile, 20-year-old Grammy winner Swift will follow in the footsteps of Rob Thomas, Alicia Keys, John Mayer and last year's winner Jason Mraz as the recipient of the Hal David Starlight Award. The prize is given to songwriters who have made a significant impact in the music industry through original songs.
Inductees set to be honored at the 40th annual ceremony will include: Leonard Cohen, Jackie DeShannon, David Foster, Johnny Mandel, Philip Bailey, Verdine White, Larry Dunn, Al McKay and Earth, Wind & Fire's Maurice White.