Started in 1989, The Motorsports Museum & Hall of Fame is operated by the Motorsports Museum and Hall of Fame of America Foundation, Inc; and is located in Novi, Michigan. The Hall of Fame covers nine motorsports categories including: Air Racing, At Large, Drag Racing, Historic, Motorcycles, Open Wheel, Power Boats, Sports Cars, and finally Stock Cars. New categories are continually being added.

Eligibility for induction into the Motorsports Hall of Fame is extended to any person who has driven, piloted, owned, designed, built, supported, maintained, prepared or promoted motorized vehicles in pursuit of speed, distance or other records. An inductee must have been retired for at least three years or must have been engaged at the top level of his or her area of motorsports for at least 20 years. Inductees are characterized by their desire to win, mastery of their field and the courage to innovate. -- http://www.mshf.com/
The Hall of Fame accepts nominations from any source, nominations should include a 100 word biography which lists the major accomplisments of the nominee. The final selection for new inductees is decided on by a panel which includes; prior inductees, historians, peers, and journalists. Inductions take place in June, 5 days prior to the NASCAR Winston Cup race in Motor City. Inductees are honored at the Motorsports Hall of Fame Dinner and Ceremony, where they are presented with the "Horsepower Award", the bronze statue created by Michael Curtis of Ann Arbor, Michigan.

While of course all inductions are important, I think three of the most significant were the induction of Amelia Earhart in the Air Racing category; Shirley Muldowney in the Drag Racing category, and most recently #3 - Dale Earnhardt in the Stock Car racing category.

Air Racing

Paul Mantz
Tony LeVier
Cook Cleland
Lyle Shelton
Steve Wittman
Darryl Greenamyer
Bill Falck
Jacqueline Cochran
Amelia Earhart
Roscoe Turner
Glenn Curtiss
Jimmy Doolittle

At Large

Fred Offenhauser
Andy Granatelli
Smokey Yunick
Frank Kurtis
Clint Brawner
Colin Chapman
A. J. Watson
Roger Penske
Chris Economaki
Malcolm Campbell
George Bignotti
Craig Breedlove
J. C. Agajanian
Parnelli Jones
Art Arfons
Tony Hulman
Mickey Thompson
Barney Oldfield

Historic

Gaston Chevrolet
Earl Cooper
Ray Harroun
Harry Miller
Frank Lockhart
Tommy Milton
Jimmy Murphy
Fred Duesenburg
Henry Ford
Mauri Rose
Rex Mays
Louis Chevrolet
Eddie Rickenbacker
Peter De Paolo
Louis Meyer
Ralph DePalma
Wilbur Shaw

Drag Racing

Eddie Hill
Tom McEwen
Danny Ongais
C. J. Hart
Don Nicholson
Art Chrisman
Bill Jenkins
Keith Black
Bob Glidden
Wally Parks
Connie Kalitta
Don Prudhomme
Shirley Muldowney

Motorcycles

Eddie Lawson
Freddie Spencer
Bob Hannah
Bart Markel
Carroll Resweber
Jim Davis
Malcolm Smith
Roger DeCoster
Dick Mann
Joe Petrali
Joe Leonard
Kenny Roberts
Cannon Ball Baker

Open Wheel

Gordon Johncock
Emerson Fittipaldi
Sam Hanks
Jimmy Bryan
Rick Mears
Tony Bettenhausen
Johnny Rutherford
Rodger Ward
Bobby Unser
Ted Horn
Bill Vukovich Sr.
Al Unser Sr.
Mario Andretti
Jim Clark
A. J. Foyt

Power Boats

Mira Slovak
Tom D'Eath
Bill Seebold
Carl Kiekhaefer
Bob Nordskog
Betty Cook
Chip Hanauer
Bernie Little
Ron Musson
Bill Cantrell
Dean Chenoweth
Gar Wood
Bill Muncey

Sports Cars

Brian Redman
Ken Miles
Peter Gregg
George Follmer
Denis Hulme
Briggs Cunningham
Peter Revson
Bruce McLaren
Jim Hall
Al Holbert
Carroll Shelby
Dan Gurney
Mark Donohue
Phil Hill

Stock Cars

Dale Earnhardt
Fred Lorenzen
Wood Brothers
Tim Flock
Buck Baker
Ned Jarrett
Lee Petty
Glenn Roberts
Cale Yarborough
David Pearson
Bobby Allison
Junior Johnson
William France Sr.
Richard Petty

See also: International Motorsports Hall of Fame & Museum

Sources:
http://www.mshf.com/
http://www.nhra.com/2001/news/june/060402.html
http://home.fuse.net/kewendel/ULTIMATE_LINKS.htm