John and Taupin, who teamed on most of the singer's best-known hits, will receive the Johnny Mercer Award during the June 13 ceremony in New York.
A Tuesday news release says the award goes to previous inductees - John and Taupin were inducted in 1992 - whose body of work upholds the standards set by Mercer, a co-founder of Capitol Records.
John and Taupin have teamed on some of rock 'n' roll's most well-known songs, including "Rocket Man," ''Crocodile Rock," ''Daniel" and "Candle in the Wind."
This year's inductees are Steven Tyler and Joe Perry of Aerosmith; Mick Jones and Lou Gramm of Foreigner; Holly Knight; JD Souther; and Tony Hatch.
