Dorinda Clark-Cole and Jonathan McReynolds received special honors.
The March 28 ceremony will also celebrate top gospel songs, songwriters and music publishers.
Wallen's "You Proof" was named BMI country song of the year, while Warner-Tamerlane Publishing Corp. was named publisher of the year.
Previous BMI Troubadour Award recipients include John Hiatt, John Prine, Robert Earl Keen and Lucinda Williams.
The awards will be held on Tuesday, May 9, at the Beverly Wilshire Hotel.