Shortly after the development of LabVIEW, in 1987 Truchard received one of the first Texas High Technology Entrepreneur awards. Twelve years later he was awarded a Texas High Technology Master Entrepreneur of the Year honor. He was named one of the nation's 50 Best CEOs in three consecutive years by "Worth" Magazine. In 2002, Truchard was inducted into the Electronic Design Engineering Hall of Fame, and the following year he was elected to the Royal Swedish Academy of Engineering Sciences. He has also been named a University of Texas Distinguished Engineering Graduate, and in 2007 Truchard was elected to the National Academy of Engineering.