The award, named after the three-time major champion who died in a plane accident in 1999, is presented annually to a professional golfer who "best exemplifies Stewart's steadfast values of character, charity and sportsmanship."
Furyk will officially received the award during a ceremony on Sept. 20 in advance of the season-ending Tour Championship.
"I am incredibly honored to receive the Payne Stewart Award," Furyk said in a statement. "I was fortunate enough to know Payne as a colleague and friend, and I always admired the character and spirit he brought to the game of golf."
Furyk, 46, has won 17 times on the PGA Tour, including the 2003 U.S. Open and season-long FedEx Cup title in 2010. He became the sixth player in Tour history to shoot a 59 at the 2013 BMW Championship, then on Sunday became the first player to ever shoot a 58 during a record-breaking final round at the Travelers Championship.