Lowndes was inducted based on his remarkably successful career driving in the Australian Touring Car Championship/Supercars.
That includes three titles and seven Bathurst 1000 crowns, which came among a total of 110 race wins so far.
He also won six Sandown 500s and since retiring from full-time racing has become part of the Supercars Media broadcast team.
Schenken, meanwhile, was the Supercars race director from 1987 until he called time on his officiating career at the end of 2021.
The Barry Sheene Medal, Supercars' answer to a Best and Fairest award, went to popular veteran Holdsworth.
It marks a fitting send-off for Holdsworth who finished his last race as a full-time driver in Adelaide yesterday.
He will now move into a new career in commercial real estate, but will also continue as an endurance-only driver in Supercars.
This is the first time he has won the Barry Sheene Medal.
Other winners at the Gala included Matt Payne, who pocketed $15,000 for winning the Mike Kable Young Gun Award.
The Kiwi competed in Super2 this season and will replace Holdsworth at Grove Racing in Supercars next season.
Cam Waters was named the Drivers' Driver while Shane van Gisbergen was the fans' choice for most popular driver.
