The legendary singer joins Allman Brothers Band, Glen Campbell, Antonio Carlos Jobim, George Jones, the Memphis Horns and Gil Scott-Heron as Lifetime Achievement honourees.
Recognised for their contribution in the music industry, Ross and the rest of the Lifetime Achievement recipients will be honoured at a private ceremony by the Grammy organisation on February 11, 2012.
There will be a formal mention of their awards during the CBS telecast the following day.
In 2010, Ross embarked on a 17-city summer tour from May to June. The tour was the singer's first professional endeavour since her close friend Michael Jackson passed away in 2009.
Ross performed at the 15th annual Nobel Peace Prize concert in 2008.
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Watch the music video for Diana Ross's 'Missing You' below: