The "Baywatch" star will be given the award under the newly introduced 'Internationally Acclaimed Actress' category at a ceremony here.
"Priyanka's hard and sincere efforts have helped her place herself on an international platform with grace.
"She is representing India at a global level and that has made every Indian proud of her work. This compelled us to introduce this fresh category in the awards," Dadasaheb Phalke Academy and Award Committee chairman Ganesh Jain said in a statement.
Celebrities like Anil Kapoor, Kapil Sharma, Juhi Chawla and Nitesh Tiwari, among others, are expected to attend the event.
The board of trustees for Dadasaheb Phalke Academy Awards include Johny Lever, Pahlaj Nihalani, Mithun Chakraborty and TP Agrawal.
The award ceremony will be held on June 1 in Mumbai.
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