Klassen has several major awards and accolades to her name having won the Lou Marsh Trophy in 2006, which is awarded for Canada's best athlete of the year. Due to her tremendous accomplishments at the 2006 Winter Olympics and her many accomplishments throughout her career, Klassen was named to the Order of Manitoba. Klassen was awarded the Oscar Mathisen Award in 2006 for outstanding speed skating performance of the year. In 2007, she was given the award for Female Athlete of the Year at the Canadian Sports Awards. Klassen won the 2005 and 2006 Bobbie Rosenfeld Award as female athlete of the year as presented from the Canadian Press. She was also tipped as Speed Skating Canada's 2003, 2005, 2006 and 2007 Female Skater of the Year for long track speed skating. The Canadian Mint featured Klassen on a Canadian quarter in 2010 as part of their Olympic memories editions and as a recognition of her six Olympic medals.