It was received by Mr Hilliam's widow, Julie, and family members at a function at the Dargaville Museum recently. Mr Tarlton's widow, Rosemary, and one of his daughters, Fiona, were also present.
Marine explorer, diver, conservationist and treasure hunter, Mr Tarlton died in 1985, only weeks after the opening of the Auckland aquarium and marine education centre he set up.
He was posthumously inducted into the International Scuba Diving Hall of Fame in 2012 and is regarded by many as New Zealand's equivalent of Jacques Cousteau.
Nominations for the first award of its kind in his name were called for during the year and the recipient announced at the NZUHG annual general meeting in November.
The trophy is made of relics from the wreck of the SS Elingamite which went down at the Three Kings Islands in November 1902.
Mr Tarlton and others, including Whangarei marine conservationist Wade Doak, located and dived the wreck in the 1960s.
The NZUHG award was presented at Dargaville Museum because Mr Hilliam was a driving force in getting the maritime-themed museum complex built and maintained a close association with the facility.