Steinem, who turned 80 last week, will be receiving the Lifetime Achievement award at the annual DVF awards Friday evening in a ceremony at the United Nations.
Also being honoured: Singer Alicia Keys, who receives the Inspiration award.
Some high-profile presenters will be on hand, including Meryl Streep and Sarah Jessica Parker.
The DVF Awards were created in 2010 by von Furstenberg and The Diller-von Furstenberg Family Foundation to recognize and support "women who are using their resources, commitment and visibility to transform the lives of other women."
Each DVF award winner receives $50,000 for her chosen cause.