King was named the MusiCares 2014 person of the year, joining past honorees Bonnie Raitt, Gloria Estefan and David Crosby.
The gala was hosted by late-night host Jimmy Kimmel.
"That cat from the 'Tapestry' album must be dead, right?" he joked.
Rimes and Tyler sang a duet of "Hi-De-Ho" and Jakob Dylan and Louise Goffin joined forces for a rendition of "Goin' Back."
Keys sang "(You Make Me Feel Like A) Natural Woman," Pink sang "So Far Away" and Estefan performed "It's Too Late."
Keys called King "the most significant songwriter and composer on earth."
King finished up the night with a performance of "Will You Still Love Me Tomorrow."