Grande receives the 2014 Billboard Rising Star Award, and Menzel accepts the Breakthrough Artist of the Year Award, a new honor at this year's ceremony.
Taylor Swift has been named the 2014 Billboard Woman of the Year, and Aretha Franklin receives the first Billboard Women In Music Icon Award. 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."