Critics' Choice Movie Awards to honor Martin Scorsese and Sean Penn

(CBS) Leonardo DiCaprio and Olivia Harrison are set to present "Hugo" director Martin Scorsese with the Critics' Choice Music + Film Award, in addition to a special musical tribute from Bob Dylan at the 17th annual Critics' Choice Movie Awards to be broadcast live from the Hollywood Palladium on VH1 tonight.

Bob Dylan was the subject of Scorsese's PBS documentary "No Direction Home," and in 1976 the director captured his performance at the Band's "Last Waltz" concert. Scorsese's film "Hugo" is nominated for 11 Critics' Choice Awards.

The show will be hosted by comedians Paul Scheer and Rob Huebel and will see many stars in attendance, including Kirsten Dunst, Mindy Kaling, Melissa McCarthy, Paul Rudd, Owen Wilson and Dustin Hoffman.

Also being honored at the event is actor and humanitarian Sean Penn, who will be presented the fifth annual Joel Siegel award by George Clooney. The award honors those who understand that celebrity is a platform to do good works for others, paying homage to the late "Good Morning America" film critic Joel Siegel.

The Broadcast Film Critics Association (BFCA) members voted on films that were released in 2011 for the award show. Last year, the awards served as a predictor of the Academy Award nominations as well as winners, with all four of the acting category winners - Colin Firth, Natalie Portman, Christian Bale and Melissa Leo - accepting awards at the Critics' Choice as well as at the Oscars.

Nominated for Best Picture this year at the awards are "Drive," "Extremely Loud & Incredibly Close," "Hugo," "Midnight in Paris," "Moneyball," "The Artist," "The Descendants," "The Help," "The Tree of Life," and "War Horse."

The Critics' Choice Movie Awards will air at 8 p.m. ET/PT on VH1.