Nash has appeared in various projects including Reno 911!, Getting On, The Soul Man, Dancing with the Stars and Scream Queens. She has been nominated for two Primetime Emmys and won a Daytime Emmy as the producer and host of Clean House.
Producer Ryan Murphy, who cast Nash on his 1999 show Popular, called the actress a "national treasure."
"My favorite thing about Niecy is that unique mixture of qualities she brings to every project, every meeting, every moment of her life," Murphy said. "She is hilarious and she is spot on always, but she is always a lady."
Comedian Cedric the Entertainer praised Nash for her personality and work ethic as a black actress in Hollywood.
"Niecy Nash was born to be a light that evolved into a star," he said. "She's so dynamic, she has that drive. She has the drive that is worthy of being here and being recognized today."
Nash said she was first inspired to be an actress at 5 years old when she saw Lola Falana on television in her "long black dress and eyelashes like butterflies" and told her grandmother I want to be black, fabulous and on television."
She recalled visiting the Walk of Fame at the age of 9 when she saw actor Ed Asner -- who attended the ceremony Wednesday -- and told him she'd one day have a star of her own.
"He walked away, and I was yelling, 'Remember my name,'" Nash said.
Near the end of her speech Nash reflected on the journey of her acting career and offered words of inspiration to her fans.
"It's been a long time from my beginnings in Compton to this moment," she said. "I just want to encourage anybody out there who has a dream, wait on it. Because though the vision tarries, you wait on that thing, but while you're waiting you better be working."