Queen's other hits include Radio Ga Ga and Bohemian Rhapsody
Queen's 1977 single We are the Champions/We Will Rock You is among 28 classic recordings that have been newly inducted into the Grammy Hall of Fame.
Others include the Police's 1983 album Synchronicity, Stevie Wonder's For Once in My Life and the soundtrack for the film The Good, the Bad and the Ugly.
The Hall Of Fame will form part of the Grammy Museum in Los Angeles which opens on 6 December.
Created in 1973, the collection now includes 826 titles.
New submissions are chosen annually by a special member committee of experts and historians drawn from all branches of the recording arts.
Other recordings honoured by the Recording Academy include Sweet Home Alabama by Lynyrd Skynyrd, Jimi Hendrix's rendition of The Star Spangled Banner and the Love Theme from The Godfather.
One of the songs honoured, Louis Jourdan's Let the Good Times Roll, will be performed by BB King and John Mayer at a special nominations concert on Wednesday.
Established in 1957, the Recording Academy is an organisation of musicians, producers, engineers and recording professionals.
The Grammy Museum will spread across four floors of the newly-built LA Live centre, with exhibits dedicated to rock, hip-hop, country, classical, Latin, R&B and jazz.