The awards are given by Harvard's student drama group of the same name.
The awards are presented to performers who've made a "lasting and impressive contribution to the world of entertainment," Harvard officials said.
As the 2007 Woman of the Year, Johansson will lead a parade through the streets of Cambridge, Mass., Feb. 15. She then will receive the traditional Pudding Pot during a roast in her honor.
The 2007 Man of the Year ceremony for Stiller will occur Feb. 23, when he will be feted and presented the Pudding Pot.