She was awarded the Shakespeare Prize by the Hamburg Alfred Toepfer Foundation in 1991. Smith was made a Fellow of the British Film Institute in recognition of her outstanding contribution to film culture in 1992. She was elected to the American Theatre Hall of Fame in 1994. On 10 April 1999, Smith received the William Shakespeare Award for Classical Theatre (The Will Award) presented by the Shakespeare Theatre Company in Washington, D.C. in recognition of her significant contribution to classical theatre in the US. On 9 February 2014 she was inducted into the Actors Hall of Fame. Smith had a star on the London Avenue of Stars until all of the stars were removed in 2006.