The 15th annual event, presented by Starz Entertainment, is to take place Oct. 24 at the Beverly Hilton Hotel in Beverly Hills, Calif.
The announcement regarding Williams' award was made Wednesday by Carlos de Abreu, founder and executive director of the Hollywood Film Festival.
"It is a privilege to honor Michelle Williams for her excellent talent and remarkable career," de Abreu said in a statement.
Williams, a former star of TV's "Dawson's Creek," has appeared in the films "Brokeback Mountain," "I'm Not There," "Shutter Island" and "Blue Valentine." She will be seen this fall in "My Week with Marilyn."