Pennebaker, who made the 1973 documentary with the music legend, has been named among the recipients of this year's (12) special honours given out by the Academy of Motion Picture Arts and Sciences.
The filmmaker is also behind a number of other rock documentaries, including Don't Look Back with Bob Dylan, Depeche Mode's 101, and Alice Cooper's self-titled 1970 film.
The other recipients of the honorary Oscars include stunt man Hal Needham, who has worked on movies including How the West Was Won and Blazing Saddles, and arts advocate George Stevens, Jr.
Producer Jeffrey Katzenberg will be given the Jean Hersholt Humanitarian Award for his philanthropy.
The awards will be handed out at the annual Governors Awards dinner in Los Angeles on 1 December (12).