Patrick, the IndyCar star who is moving to NASCAR next season, won the 2011 Achievement Award. Muldowney, the first woman to win an NHRA world championship, is this year's recipient of the Mildred Marcum Pioneer Award.
Muldowney is the second drag racer to win the Pioneer Award, which honors female racers who changed the sport for other women. She won three NHRA Top Fuel world titles and 18 NHRA nationals.
Patrick was the first woman to lead the Indianapolis 500 and the first to win an IndyCar race.
The foundation was founded by former IndyCar driver Lyn St. James.