The event is to take place Dec. 9 at the New York Hilton.
The Muse Awards honor the outstanding vision and achievement of women in the film, television and new media industries.
In addition to actresses Margulies and Ferrera, the group will honor Andrea Wong, the chief executive officer of Lifetime Networks, and writer/producer Allison Silverman.
"We are thrilled to honor these extraordinary women who have each exhibited true courage in their respective roles on and off camera," NYWIFT Executive Director Terry Lawler said in a statement. "The Muse Awards continues to be the highlight of the year for us at NYWIFT, as there is nothing we value more than supporting the endeavors of inspirational women in the ever-changing entertainment industry landscape."