The Yes star (below middle) will receive the prize in a ceremony at Kew Gardens, London on September 5.
Wakeman, 63, said: "I'm very proud indeed."
He added: "I've always believed that these days there is hardly a band or musician anywhere who haven't used some element of prog in their music. It's all about freedom of expression, which in my case is often in seven different time signatures!
"I am genuinely very, very proud to get this award."
The keyboardist has sold over 50 million solo albums to date and has released hits such as 'Journey To The Centre Of The Earth' and 'The Myths And Legends Of King Arthur'.
He also released seven studio albums with Yes including the UK number ones Tales from Topographic Oceans and Going For The One.
Watch Rick Wakeman perform 'Journey To The Centre Of The Earth' below: