The Collaborative International Dictionary of English v.0.48:

Accolade \Ac`co*lade"\ ([a^]k`k[-o]*l[=a]d" or
   [a^]k`k[-o]*l[.a]d"; 277), n. [F. accolade, It. accolata, fr.
   accollare to embrace; L. ad + collum neck.]
   1. A ceremony formerly used in conferring knighthood,
      consisting of an embrace, and a slight blow on the
      shoulders with the flat blade of a sword.
      [1913 Webster]

   2. (Mus.) A brace used to join two or more staves.
      [1913 Webster]

WordNet (r) 3.0 (2006):

accolade
    n 1: a tangible symbol signifying approval or distinction; "an
         award for bravery" [syn: award, accolade, honor,
         honour, laurels]

Moby Thesaurus II by Grady Ward, 1.0:

40 Moby Thesaurus words for "accolade":
   adulation, apotheosis, award, badge, bays, bepraisement, citation,
   congratulation, decoration, deification, distinction, eloge,
   encomium, eulogium, eulogy, exaltation, excessive praise, flattery,
   glorification, glory, hero worship, homage, hommage, honor,
   honorable mention, idolatry, idolizing, kudos, laud, laudation,
   laurels, lionizing, magnification, meed of praise, mention,
   overpraise, paean, panegyric, praise, tribute