Several sources have reported that Fraser-Reid was nominated in 1998 for a Nobel Prize in chemistry for his work on oligosaccharides and immune responses. This statement cannot be verified since the names of the nominees are never publicly announced, and neither are they told that they have been considered for the Prize. Nomination records are sealed for fifty years.
The Institute of Jamaica awarded Fraser-Reid the 2007 Musgrave Medal (Gold) for his work in chemistry, noting that during his career he co-authored over 330 peer-reviewed publications and supervised 85 post-doctoral fellows and 55 PhD students.