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Rossellini received a 1987 Independent Spirit Award for Best Female Lead for her role in Blue Velvet.

In 1997, she received a Golden Globe nomination for Best Performance by an Actress in a Mini-Series or Motion Picture Made for TV for her role in Crime of the Century and an Emmy Award nomination for Outstanding Guest Actress in a Drama Series for her work on the television series Chicago Hope.

Also in 1997, Rossellini was awarded The George Eastman Award.

In 1998, she received an Honourable Mention at the 48th Berlin International Film Festival for her role in the film Left Luggage.