The man of the series during the Ashes contest starting at Lord's on Thursday will be presented with the inaugural Compton-Miller medal.
The award is named in honour of Dennis Compton and Keith Miller and will be presented after each Ashes series in the future.
England's Compton and Australian Miller were close friends. A right-handed batsman, Compton played 78 Tests between 1937 and 1957, averaging 50.06 while Miller, a fine all rounder, took 170 wickets at 22.97 apiece in 55 Tests between 1946 and 1956 while also averaging 36.97 with the bat.
Compton died in 1997 and Miller in October last year.