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 because of her wide-ranging success in music, television, movies and publishing.
According to Billboard Magazine, McEntire will make an appearance on "Oprah" on Sept. 19, where 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 in Las Vegas. The show aired live on CBS.
So far, McEntire has achieved 33 #1 hits, won 15 American Music Awards, 12 Academy of Country Music Awards, 7 Country Music Association Awards and 2 Grammys.
For six seasons, she also has starred on television in the WB/CW sitcom "Reba." The popular sitcom has earned her a Golden Globe nomination and a People's Choice Award.