Hayek handed the Gucci Award to the three-time Oscar winner during the 2012 Venice Film Festival in recognition of her work editing Scorsese's acclaimed film Hugo.
Gucci bosses also pledged a $25,000 (£15,625) grant in the Hollywood editor's name to the film and TV school at New York University, where she first met Scorsese.
The 72 year old acknowledged Scorsese after scooping the prize, telling The Associated Press, "I just don't think I would have become a filmmaker if I hadn't met him. He was just a student and I helped him salvage his negatives. He had cut them wrong... and that's the beginning of our relationship of trust... With me and him it's about the film and it's a wonderful collaboration."
Schoonmaker has worked on all of Scorsese's feature film, bagging Academy Awards for Raging Bull, The Aviator and The Departed.