The Vázquez-Valarezo Poetry Award was created in 1997. It is named in honor of the couple of educators Honorato Vázquez & Angélica Valarezo who passed away in 1995 & 1997 respectively. They were both writers and worked in the field of education in Ecuador for a period of 35 years.

The Award is given annually to the best submission on a theme related to women. Aside from recognizing excellence, the Award is designed to encourage Augustana Student Poets, and undiscovered talent, to submit their work for consideration. Entries are judged on the basis of originality, creative imagination, characterization, and artistic quality. A panel of three judges is selected from Augustana Faculty on a year-to-year basis.

The award is sponsored by Dr. Jeanneth Vázquez, Professor of Spanish: "My parents were a source of great inspiration to me, they were reading poetry to me even before I was able to read and write. I could not think of a better way of honoring their memory than naming the Award after them."

Winners receive a small monetary award and a certificate of recognition.