The pair were two of five motorsport figures to be inducted in a ceremony at Covent Garden's Royal Opera House on Monday evening, with Graham and Damon Hill and Tom Kristensen also being recognised. After being presented with his award by Jack Heuer and Piero Ferrari, three-time world champion Lauda admitted: "I am very delighted and highly honoured to be inducted into the Hall of Fame."
Lotus founder Chapman was represented by his son Clive, who was keen to pay tribute to the team members who had worked for his father.
"The Chapman family is proud that Colin Chapman's achievements continue to be recognised and celebrated," he said. "We salute the hundreds of Team Lotus personnel whose ability and dedication enabled him to achieve so much."
Damon Hill was joined on stage by his son Josh, who picked up Graham's award.
"Motor Sport magazine's Hall of Fame is already a highly prestigious institution," Hill said. "I know the entire Hill family is delighted to have not one but TWO family members inducted at once. It's another Hill first! And with a third racing Hill, in Josh, on stage to honour his grandfather, our cup of recognition will have spilled over by the end of the evening."
An auction of racing memorabilia also raised over £92,000 for the Hall of Fame's 2013 charity - the Grand Prix Mechanics Charitable Trust - with a pair of Ayrton Senna's racing gloves and Sebastian Vettel's steering wheel each fetching £22,000.