The former Boomtown Rats singer was presented with the custom-made trophy by Austin Music Awards director Margaret Moser.
"I am overwhelmed," Geldof said after receiving the award. "I have received many honours in my life but without a doubt this is the one of which I am most proud.
"I have worked hard for many years to achieve this moment and I would like to thank the countless Texan women who have assisted me in my training over those years," the singer added. "This award will take pride of place in my crowded trophy room, and will be a future spur to many fond memories."
Other stars to have been honoured with the award in the past include Smokey Robinson, Quincy Jones and Neil Young.
The singer was in attendance at the festival to give the 25th Anniversary keynote speech and to perform tracks from his new album How To Compose Popular Songs That Will Sell.
Geldof recently claimed that he no longer cares about the music charts, and insists that he simply enjoys being able to perform in front of a live crowd.