Rapstress Nicki Minaj and country-pop sensation Taylor Swift were honored Friday (Dec 2) at the 2011 Billboard Women in Music event at the Capitale in New York City.

Minaj was named Billboard’s “Rising Star,” while Swift received the honorary “Woman of the Year” award. “All the daydreams that I had as a little kid — I guess this is what it looks like,” Taylor told Billboard as she accepted her award.

Nicki was also grateful about being recognized by Billboard, and dedicated her award to her fans, who she affectionately calls her Barbz. “I love you for being by my side for so long,” she said.