Rihanna, 31, received the Urban Luxe Award for her fashion house Fenty at the awards show Monday.
Jackson, 53, presented Rihanna with the award, which honors a contemporary apparel brand that elevates the concept of casual.
"You're loved for your style, you're respected as an artist, entrepreneur and for the first black woman to start a brand with LVMH," Jackson told Rihanna.
Jackson shared a backstage photo with Rihanna Monday on Instagram.
"Congratulations #FashionAwards," she wrote.
Rihanna wore a pastel green ensemble from Fenty to the event. Her look consisted of a minidress with a matching sheer coat, stiletto pumps and diamond jewelry.
Rihanna partnered with LVMH, the world's largest luxury group, this year to relaunch Fenty as a luxury fashion house. Rihanna is the first woman to create an original brand at LVMH and the first woman of color to head an LVMH maison.
"big day for the culture," she said on Instagram at the time. "thank you Mr. [Bernard] Arnault for believing in this little girl from the left side of an island, and for giving me the opportunity to grow with you at @LVMH. This is proof that nothing is impossible. Glory be to God."
Rihanna showcases her life as a singer, performer, designer and entrepreneur in the new Phaidon book Rihanna, released in October. The "visual autobiography" features over 1,000 photos from Rihanna's life.