Racking up yet another award for her already-impressive collection, Penelope Cruz was presented with the Chopin Outstanding Performer of the Year trophy on Saturday night (January 24).

Bestowed the honor during the 24th Annual Santa Barbara International Film Festival, the Spanish Sweetheart is now gearing up for the Academy Awards next month.

During the Oscars, held February 25, Cruz is nominated for "Best Actress in a Supporting Role" for her work in the Woody Allen film "Vicky Cristina Barcelona."

Talking about her desire to bring home the coveted prize, Penelope told press, "I am eternally indebted to the Academy (and) to Woody Allen who gave me this opportunity. I am very happy to see all the affection and congratulations I have received, especially those from Spain. Let's hope I can bring it home."

Enjoy the pictures of Penelope Cruz at the Santa Barbara International Film Festival (January 24).