The 24th annual event is to take place at the New York Marriot Marquis.
Cooper and Madonna are longtime friends who have both used their careers to raise support for LGBT people around the globe, organizers said in a news release.
The Vito Russo Award is presented to an openly lesbian, gay, bisexual or transgender media professional who has made a significant difference in promoting equality.
"Madonna has been a passionate spokesperson and longtime supporter of gay rights. She has embraced LGBT people around the world on many occasions," GLAAD President Herndon Graddick said in a statement Saturday. "From speaking out against bullying to raising support for marriage equality, Madonna has always been one of our community's strongest allies. We are honored to have her stand with GLAAD and Anderson Cooper.
"By sharing his own experiences as a gay man, Anderson has reminded millions of Americans that LGBT people are part of their everyday lives and an integral part of our cultural fabric. He continues to raise the bar and set a new standard for journalists everywhere, and I'm proud to call him a friend."
"Good Morning America" anchors Lara Spencer, Josh Elliott and Sam Champion are to be hosts of the ceremony.
Swim Week Miami Beach 2014 [PHOTOS]