The magazine says the award coincides with its second annual Women in Music issue, which will be published in early October.
Billboard Group editorial director Tamara Conniff says Reba was chosen for the honor because of her wide success in music, television, movies and publishing.
Photos: Counrty Stars Put On A Show>
The 52-year-old singer has a new album of duets coming out next week, which will features different artists from various genres, including 11 original songs and one previously recorded song, the current single "Because of You" with Kelly Clarkson.
According to Billboard Magazine, McEntire will make an appearance on "Oprah" on Sept. 19, where the she will perform two songs with Justin Timberlake and Kelly Clarkson.
McEntire was the host of the 42nd annual Academy of Country Music Awards in May of this year in Las Vegas, which aired live on CBS.
Throughout her very successful music career, McEntire achieved 33 #1 hits, won 15 American Music Awards, 12 Academy of Country Music Awards, 7 Country Music Association Awards and 2 Grammy's.
TV has also welcomed McEntire with open arms for her WB/CW's sitcom"Reba" for 6 seasons. The popular sitcom earned her a Golden Globe nomination and a People's Choice Award.