Hosted by Luke Wilson, the ceremony will recognise Texas natives "whose work have helped earned the state notice in the film world", reports Variety.
Other Texans to be honoured at the event include All the Real Girls director David Gordon Green and Louis Black, co-founder of South by Southwest.
Rodriguez will be on hand to receive the trophy for his 1996 work on From Dusk Till Dawn. The film won the Star of Texas Award, which is given to an iconic Texas film.
Danny McBride and Priscilla Presley are among the presenters at the Austin Film Society's Texas Film Awards on March 6.
Heard previously appeared in Zombieland, Drive Angry and The Rum Diary.
Earlier this month, she and Rum Diary co-star Johnny Depp announced their engagement. The couple have been dating since June 2012 after the actor announced his split from longterm partner Vanessa Paradis.
Watch the trailer for The Rum Diary below: