a privilege, expression of praise/admiration, or mark of accomplishment that is granted to someone as an honor or award for some merit;
e.g. This is the highest accolade she has won so far.
(noun)
a gesture such as a salute, embrace, or touch on the shoulders with a sword, that confers knighthood on someone, or a ceremony to bestow such a rank/title;
e.g. He knelt to receive his accolade from the king.