The Chris Cornell Scholarship fund was created by a coalition led by Vicky Cornell, wife of the deceased musician, and honors his "commitment to justice, human rights and advocacy for those in need," the group said in a statement.
UCLA Chancellor Gene Block described the endowment as a fitting tribute to the Audioslave co-founder.
"This endowment honors an influential musical artist who cared about human rights and enables others the opportunity to make a positive impact in the world," Block said.
In announcing the scholarship, the coalition noted that Chris Cornell wrote and recorded the title song for "The Promise," a 2017 film about the 1915 Armenian genocide. All proceeds from the movie have been donated to human-rights causes, including the Promise Institute for Human Rights at UCLA School of Law, the news release said.
"My husband and I agreed that given the opportunity of education, people have the power to change the world," Vicky Cornell said in a statement.
Chris Cornell was 52 when he was found dead at a hotel in Detroit. Coroner's officials later determined the cause of death to be suicide by hanging.