The star will be honoured for his contribution to music, as well as his acting and humanitarian work.
His catalogue includes hits such as Every Breath You Take, Fields of Gold and Don't Stand So Close To Me.
"Sting is an icon in the truest sense of the word," said Brandon Bakshi of the BMI, a music rights organisation.
"His musical catalogue has had an enormous impact on music lovers from around the globe across multiple generations."
When the former Police frontman won the outstanding contribution award at the Brit Awards in 2002, he said: "I've had a very, very long career in music.
"If I have gleaned any wisdom, it's encapsulated in five words: 'Music is its own reward.'"
He has also won 16 Grammys and been inducted to the Rock and Roll Hall of Fame. He is due to release a new album, 57th & 9th, in November.
The BMI - whose full name is Broadcast Music, Inc - keeps track of the songs played on radio and television and collects royalties on behalf of writers and publishers.
Now in their 65th year, the BMI London Awards honour the writers and publishers of the most-performed British pop songs during the past 12 months.
Last year, the US version of the ceremony saw Taylor Swift win a Taylor Swift Award - created in the star's name to recognise her domination of the airwaves in 2015.
Swift told the audience: "If they had chosen someone else to give the Taylor Swift Award to, I'd be kind of bummed about it."
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Davis, 20, has made three Championship appearances this season, with his 7-146 against Glamorgan the best 2016 figures by a Derbyshire bowler.
Hemmings, also 20, made his first-class debut against Worcestershire in June.
"They will benefit greatly from another winter working with the first team," head coach John Sadler said.
Sting is to join the likes of Ray Davies, Van Morrison and Sir Tim Rice when he becomes one of the recipients of the BMI Icon award next month.
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Derbyshire pace bowler Will Davis and all-rounder Rob Hemmings have signed two-year contracts, keeping them with the county until 2018.