The rock magazine's bash also awarded gongs to Jared Leto's 30 Seconds To Mars and Welsh rockers Bullet For My Valentine.
Metallica's James Hetfield thanked the audience at the London ceremony for "all the love" after the band picked up their inspiration prize.
Zach De Le Rocha paid tribute to The Clash, Public Enemy and people who protested against Tony Blair during Rage Against The Machine's acceptance speech into the Hall Of Fame.
The full list of winners:
Best International Newcomer
Best British Newcomer
Slaves To Gravity
Coheed And Cambria - 'Feathers'
30 Seconds To Mars - 'From Yesterday'
Avenged Sevenfold - Avenged Sevenfold
Best Live Band
Best British Band
Bullet For My Valentine
Best International Band
30 Seconds To Mars
Hall Of Fame
Rage Against The Machine