Avengers: The Children's Crusade by Allan Heinberg (Marvel Comics), Batwoman by JH Williams III and W Haden Blackman (DC Comics), Secret Six by Gail Simone (DC), Veronica Presents: Kevin Keller by Dan Parent (Archie Comics) and Peter David's X-Factor (Marvel) are the five titles on the shortlist.
The awards that honour positive portrayals of the LGBT community that "inspire change". X-Factor took the crown last year for its portrayal of the relationship between Rictor and Shatterstar.
The Batwoman run on Detective Comics was also a former winner.
Avengers: The Children's Crusade was shortlisted last year and won the award in its previous incarnation as Young Avengers.
Secret Six was nominated two years ago and Veronica received a nod last year for its introduction of Archie Comics' first openly gay character Kevin Keller, who recently married.
The awards will be presented at ceremonies in New York City (March 24), Los Angeles (April 21) and San Francisco (June 2). It is unclear as to which event will see the comics winner announced.