Several awards were named in Masterton's memory. The Bill Masterton Memorial Trophy was created in 1968 under the trusteeship of the Professional Hockey Writers' Association and is presented annually to the "National Hockey League player who best exemplifies the qualities of perseverance, sportsmanship and dedication to hockey". The University of Denver Pioneers hockey team named its most valuable player award after him, and his Winnipeg high school, Miles Macdonell Collegiate, presents a scholarship in his name. High schools in Bloomington, where the North Stars played their games, also award scholarships in Masterton's name. The Minnesota North Stars pulled his jersey number 19 out of circulation following his death and formally retired it in 1987. That honour followed the franchise when it relocated south to become the Dallas Stars.
