Co-written by Nile Rodgers, Pharrell Williams and Daft Punk duo Thomas Bangalter and Guy-Manuel de Homem-Christo, it was honoured by licensing body Broadcast Music Inc (BMI).
Lyricist Sir Tim Rice received the Icon award for his contribution to music.
Van Morrison, meanwhile, was honoured for his classic track Brown Eyed Girl.
First released in 1967, the veteran musician's signature song has now notched up more than 11 million plays in the US.
Morrison was also recognised for the five million plays his much-loved ballad Have I Told You Lately has recorded.
Every Breath You Take, written by Sting for The Police, was honoured for notching up 12 million plays.
The ceremony took place at the Dorchester hotel in London on Monday.
There were multiple awards too for Ellie Goulding, whose songs Anything Could Happen, Burn and I Need Your Love were all saluted at the black-tie event.
Other honourees included Swedish DJ Avicii, who won the dance award for Wake Me Up.
The hit song, which featured vocals by US soul star Aloe Blacc, reached number one in 22 countries, including the UK
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