Late composer John Barry, best known for his contributions to the James Bond films, was honoured posthumously with an outstandingcontributiontomusic award.
He has also won the National Film Award for best music direction, for the film Refugee (2001), and received the Filmfare Special Jury Award in 2000 for his outstandingcontributiontomusic.
As well as inducting the four into the Hall of Fame, the Radio Academy will also be announcing the winner of the PRS John Peel award for outstandingcontributiontomusic radio.
Bragg, known for his political lyrics, was awarded the Roots Award - in recognition of "an outstandingcontributionto Folk Music from a Grass Roots level upwards".