The recipient of several honorary degrees, Farrell remains well-known and respected in the world of ballet and has been recognized for her influence on dance with several awards and honors, including Kennedy Center Honors and the Presidential Medal of Freedom, the latter being the highest civilian honor in the United States. She was presented in 1987 with the Golden Plate Award of the American Academy of Achievement at a ceremony in Scottsdale, Arizona. She was also elected to the American Philosophical Society in 2016.