There must have been awards in competitions. From what I know there were distinctions and ranks in the army and such ranks had to be earned so one might say those were in a way a kind of awards.
Chariot warriors were given distinctions like
A warrior capable of fighting 24 Atimaharathi's simultaneously.
Lord Brahma, Vishnu, Shiva, Durga, Kartikeya and Ganesha are Mahamaharathi's.
A warrior capable of fighting 12 Maharathi warriors simultaneously. Only Indrajit (son of Ravana) is considered as a Atimaharathi. Indrajit (Meghnad) the son of Ravana, Lord Parashurama are believed to be the only humans who ever possessed the three ultimate weapons of the trinity. At a very young age, Indrajit (Meghnada) became the possessor of several supreme celestial weapons, including Brahmanda astra, Pashupatastra and Vaishnavastra, under the guidance of Shukracharya, the Guru of the Daityas (demons). Shukracharya was a disciple of Lord Shiva. In some literature, it is said Parashuram was also a AtiMahaRathi but such claims have not really been proven as Parashuram could not defeat Bhishma
A warrior capable of fighting 12 Atirathi class warriors or 720,000 warriors simultaneously, circumspect in his mastery of all forms of weapons and combat skills. Vrishasena, Kartavirya, Bhishma, Arjuna, Abhimanyu, Lord Parashurama, Lord Krishna, Ravana, Bhagadatta, Karna, Narakasura, Guru Drona, Ashwathama, Jarasandha, Dhrishtaketu, Indra and Surya were Maharathis.
A warrior capable of fighting with 12 Rathi class warriors or 60,000 warriors simultaneously. Kritavarma, Shalya, Kripacharya, Bhurisravas, Shishupala, Akampan, the Upapandavas, Satyaki, Dhrishtadyumna, Virata, Bhima, Kuntibhoja, Duryodhana, Prahasta, Angada, Somadatta and Pradyumna were Atirathi's.
warrior capable of attacking 5,000 warriors simultaneously. Sudhakshina, Jayadratha, Dussasana, Vikarna, all 97 brothers of Duryodhana, Shakuni, Yudhishtir, Bhima, Nakula, Sahadeva, Uttar, Shikhandi, Uttamaujas, etc. were Rathi's.