For the occasion, the tennis player chose a Versace mini dress with intricate gold embroidery.
Serena, who was speaking before giving the award to the 22-year-old, did not stop there and further heaped praise on Hadid for her positive attitude towards life.
The Zuhair Murad FW/16 couture champagne-lace gown flattered her perfectly and she teamed it with cascading curls, bronze make-up and stiletto heels. She styled the number with black pointed-toe pumps and a high ponytail. "Not only handsome on the outside but totally stunning most importantly on the inside".
Other honourees on the night included Icon victor Nicole Kidman - who was supported at the bash by her husband Keith Urban - and "Wonder Woman" director Patty Jenkins, who was handed her award by the franchise's original actress, Lynda Carter.More news: Sweden shatter Italy's World Cup dream
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This isn't the first time Bella's been there for her sister.
Gigi added, "So tonight, I celebrate all of you being honored and celebrate women all over the world".
"But for you, it shows how much you mean to me".
On December 29, 2016, Serena announced her engagement to boyfriend Alexis Ohanian, co-founder of Reddit.