Billboard announced Nov. 11 that Grande will receive the 2014 Billboard Rising Star award and that Menzel will accept the Breakthrough Artist of the Year award, a new honor at this year's ceremony.
Taylor Swift has been previously named the 2014 Billboard Woman of the Year. The Billboard Women in Music Awards is now in its ninth year.
"To be recognized alongside some of the most influential women in the music business is such an incredible honor," Grande, who appeared on Broadway in 13, told Billboard. "Receiving the 'Rising Star' award is truly amazing and I'm extremely grateful!"
Menzel said, "I'm so honored to receive the Breakthrough Artist Award from Billboard. This has definitely been an amazing breakthrough year and I'm thrilled and humbled by it all, including this wonderful award."
Recipients of the Billboard Icon awards and Country Artist of the Year will be announced in coming weeks.