The Award, named after Autosport's co-founder and long-time technical editor, is presented annually to an organisation or person that has made an exceptional contribution to motorsport technology.
Wolff oversaw Mercedes' latest clean sweep of the constructors' and drivers' titles in 2018 to make it five championship doubles in a row.
Its 2018 success required Mercedes to overhaul Ferrari after its title rival made a strong start to the last campaign, but Mercedes still sealed both titles with races to spare.
Wolff was presented with his trophy by FIA president Jean Todt.
Mercedes' latest constructors' success makes it only the second team to win five championships in a row after Todt's Ferrari outfit.
"It means a lot to receive the award from you [Todt], said Wolff. "you were an inspiration in your time at Ferrari and you were the first to call me and say 'it is an honour to be in the five-time winners club with you.'"
Todt said Wolff's success was down to "determination, involvement and to never take anything for granted".
Wolff added: "This is on behalf of all the team, drivers and team principals get a lot of recognition in the media, but we could not do it without the many others [in the team]."
The wider Mercedes motorsport family, which Wolff oversees, had huge success in 2018, winning the DTM in its final season and enjoying success in categories such as sportscar racing and junior single seaters.
Wolff was also presented with a pre-war Silver Arrows framed picture to celebrate his F1 team's success.