Tyler joined fellow Aerosmith band mate Joe Perry, along with Mick Jones and Lou Gramm of Foreigner, Holly Knight, JD Souther and Tony Hatch as the latest inductees Thursday.
Elton John and writing partner Bernie Taupin received the Johnny Mercer award. John, who was inducted into the Songwriters Hall in 1992, said songwriting is often taken for granted.
"I don't mean this lightly, but when you get an Ivor Novello award or an American songwriter's award, it means so much more than a Grammy because this is where the whole process starts," he said.
Benny Blanco, the 25-year-old who has co-written No. 1 hits for Katy Perry, Maroon 5 and Ke$ha, earned the Hal David Starlight award.
"They picked the wrong person," said Blanco, who has also worked with Wiz Khalifa, Nicki Minaj and Bruno Mars. "I'm in a room with people I should probably be serving food to."
The 44th annual ceremony also saw star-studded performances from John, Sting, Alison Krauss, Nickelback, Petula Clark, Wiz Khalifa, Jordin Sparks and a video message from Bill Clinton.
The night also paid tribute to Hal David, who died last year, and Phil Ramone, who died in March.
The Associated Press contributed to this report.