A medal in honor of William H. Webb was established by the Executive Committee in 1987.

The following rules govern:

a. The award will be for "Outstanding Contributions to Education in Naval Architecture, Marine or Ocean Engineering."
b. The title will be "The Webb Medal."
c. The medal will be made of gold-plated bronze, approximately 2 1/2 inches (6.25 cm) in diameter, the obverse side showing a profile of William H. Webb and the reverse side carrying an inscription of the award.
d. Eligibility for the medal need not be limited to membership in the Society.
e. The proposal for this award may be made by a member of the Society in good standing.
f. The selection of the nominee for the award shall be made by the Awards Committee of the Society.
g. The nomination by the Committee and the final award by the Council will require a two-thirds vote of the Committee and of the Council.
h. Notification of the award will be made prior to the Annual Meeting and the medal will be presented with suitable cere monies at the Annual Meeting or at such time as the President of the Society may arrange.i. The medal may be awarded biennially but not more often.