- In 2003 the Center for Magnetic Recording Research endowed a graduate student annual prize named "In Honor of Former CMRR Director Sheldon Schultz," in appreciation for his service as Director.

- Research work selected in Science magazine, No. 8 in "Top Ten Breakthroughs of 2003."

- Fellow of the American Physical Society.

- Alfred P. Sloan Research Fellowship, 1964-65; 1965-66.