The 'Love Story' star was presented with the 'Hal David Starlight Award' by John Mayer at the Songwriters Hall Of Fame gala in New York last night.
According to The AP, Mayer - who has collaborated with Swift in the past - told the audience that she could have a "hit record in any era".
"Don't confuse everybody loving one thing as hype," he added. "Sometimes that's everyone agreeing that it's fabulous."
Swift, 20, shot to fame with her second album Fearless, which has scooped numerous prizes since its release in 2008.
"Thank you so much to the Songwriters Hall Of Fame for having me," she said in her speech. "I have been so moved tonight."
This year's inductees included Leonard Cohen, Bob Marley, Laura Nyro, Jackie DeShannon, David Foster and Earth Wind And Fire, while Phil Collins accepted the 'Johnny Mercer Award'.
Paul Simon's 'Bridge Over Troubled Water' scooped the 'Towering Song Award', prompting him to joke: "I almost feel like I should say, 'I accept this for Bridge Over Troubled Water who couldn't be here tonight.'"