Vertue, who is executive producer of the hugely successful show, was honoured for her contribution to television, in which she has worked for more than 50 years.
Her other shows including Up Pompeii, Steptoe And Son and Men Behaving Badly.
Sherlock star Cumberbatch said it was an "absolute honour" to give the prize.
"We have known each other a long time and not only have I had the pleasure of working with her, but I'm very lucky to know her and call such a brilliant woman my friend," he said at the London ceremony.
Vertue said she felt "rather proud", adding that the awards were "wonderful because there a lot of clever women and a lot of them are behind-the-scenes people, and this is their way of being recognised. I like that and they've been chosen by their peers".
She is founder and chair of the independent television production company Hartswood Films, which makes Sherlock.
The awards' chief executive Kate Kinninmont said Vertue was a "true legend", adding: "We have seen some fantastic women achieving great things this year and the diverse range of winners is testament to that."
BBC political editor Laura Kuenssberg was given the news and factual award by former shadow chancellor and Strictly Come Dancing competitor Ed Balls.
Diver Tom Daley gave broadcaster Gabby Logan the UK presenter award, while actress Sarah Lancashire won the best performance award.
Other winners included Suffragette director Sarah Gavron, who won the director award, while Julia Davis won the creative skillset writing prize.
Here is the list of winners in full:
Benedict Cumberbatch has given Sherlock producer Beryl Vertue a lifetime achievement prize at the Women In Film and TV Awards.