Michaels and his band Poison performed at the June 2009 awards show.
After their song, Michaels was hit in the head by a piece of the set as it was being changed. Michaels busted his lip and broke his nose in the incident.
He claims show organizers never explained that the set would be changing after the band performed, "Nothin' But a Good Time." He also claims the show could have prevented the incident from airing, but chose not to.
He was hospitalized in April 2010, and doctors found he had a brain hemorrhage and he later suffered a warning stroke.
"Michaels was never told that the scenery piece would be descending or given any warning of the existence of the dangers it presented," the lawsuit states.
A CBS spokesperson declined to comment on the suit, which was filed on Friday.
His lawsuit does not state how much he is seeking to recover, although it states the injury hurt his ability to perform at later shows.
The Associated Press contributed to this report.