The first annual Pearl Awards celebration was held in 1998 at Kingsbury Hall in Salt Lake City, Utah. The televised event featured an all-star cast of nominated performers and included the presentation of the very first Pearl Award, given to K. Newell Dayley in the category of Sacred Recorded Song. Since that time, the Pearl Awards have also been held at the Grand Auditorium and Cottonwood Auditorium in Salt Lake City, the McKay Events Center in Orem, Utah and the Harris Fine Arts Center on the Brigham Young University Campus in Provo, Utah. Most of the annual celebrations have been televised.

Hosts for the Pearl Awards have been many and varied, including KUTV news anchor Ruth Todd, actor Gordon Jump, former Miss America & ESPN reporter Sharlene Wells Hawkes, NBA star Thurl Bailey, and actor/columnist Scott Christopher.

At the inaugural Pearl Awards event, two special awards were given by the FCMA Board of Directors: the Legacy Award and the Rich Gibbons Humanitarian Service Award. These special awards are given on a discretionary basis by the board of directors, so are not always part of the Pearl Awards evening. The Legacy Award recognizes individuals who have made a significant impact on the industry of faith-centered music, not only in terms of their body of work but also their leadership, mentoring activities, pioneering efforts, and personal life. Past recipients include Naomi Randall (1999), writer of beloved children's hymn, "I Am A Child of God" ; Crawford Gates (2000), composer, conductor and pioneer of Mormon media music industry; Janice Kapp Perry (2001), legendary songwriter of hymns, Primary songs and numerous collaborations with Senator Orrin Hatch); Jerold Ottley (2003), former conductor of the Mormon Tabernacle Choir; Robert Cundick (2004), former Tabernacle organist; and Ron Simpson (2006), hit songwriter, publisher, author, educator and founder of the Sound Column Companies.

The Rich Gibbons Humanitarian Service Award is also awarded from time to time in honor of the late recording artist Rich Gibbons, who passed away in 1998. Past honorees include Kurt Bestor (2001), artist, composer and activist; Senator Orrin Hatch (2003), lyricist and United States senator; and Kevin Peay (2006), recording artist and fund raiser for numerous charitable organizations.

The motto of the Faith Centered Music Association is "Reach. Lift. Inspire." Each year, the Pearl Awards event gives us an opportunity expand our reach by showcasing the best the industry has to offer, to lift each other as we share an evening of music and fellowship, and to inspire increasing excellence within our ranks. The voting process gives us an opportunity to familiarize ourselves with what others are doing in our industry and to reconnect to the movement that each of us is a part of. As we gather each year to see the bar being raised higher and higher, we leave personally committed to reach higher ourselves, so that our offering might be a conduit of greater inspiration and hope in the coming year.