The MFPT Society recognizes individuals' and organizations' contributions and excellence in a number of different ways:
- The Jack Frarey Memorial Award for Excellence awarded for outstanding contributions to the failure prevention field
- Fellows of the MFPT Society potential fellowships are considered annually, and elected where appropriate, because of their outstanding and devoted service to the MFPT Society over an extended period of time
- The Henry and Sallie Pusey Best Paper Award awarded for the best paper submitted
- The Hank Hegner Best Student Paper Award & The Runner Up Student Paper Award awarded for the best student papers submitted
