Hanks was the master of ceremonies for Saks Fifth Avenue's 14th annual "Unforgettable Evening" Tuesday to benefit the Women's Cancer Research Fund. He and wife Rita Wilson, along with Spielberg and wife Kate Capshaw, serve as honorary chairs of the charity, which funds innovative cancer research. Paltrow and Cox were recognized for their dedication to cancer causes.
Paltrow, who helped establish a research fund in memory of her father, appeared deeply touched by the honor.
"I'm like a housewife in England," the 36-year-old actress said. "I'm married to a singer. And now I'm here."
Paltrow's husband is Coldplay frontman Chris Martin, who won three Grammys with his band at Sunday's Grammy Awards. Martin missed Tuesday's party.
"My husband's in Japan," Paltrow said. "But I've got Jay-Z, so that's even better."
The A-list crowd nibbled on filet mignon and chocolate-covered strawberries, then finished with three songs from Beyonce.
Wearing a sparkly gold mini-dress and backed by an eight-piece, all-girl band, the entertainer opened with Etta James' "At Last" and boogied alongside two dancers during "Crazy in Love" and "Single Ladies."
Beyonce called Paltrow "one of my favorite people in the world."