The prizes, for youngsters at New Cumnock Primary in East Ayrshire, are being created in honour of Sir Tom's parents Pat and Campbell.
Each class will have its own winner, with the awards given to youngsters who excel in sport, demonstrate leadership or make outstanding contributions to the community. They could also be handed to those who have shown entrepreneurial skills or have succeeded in the face of personal adversity.
The winners will be given a medal and £500 for their class, which can be used to buy resources or fund a day out or other activities.
A winner will be picked from each class, meaning £3500 will go towards the school's funds every year.
Sir Tom, who grew up in the village, said: "My parents believed achievement comes in all manner of forms, so we've founded these awards in memory of that belief.
"Young people can achieve incredible things in sport, music, with their families, in their communities and, of course, academically.
"These awards recognise young people who have stood out and gone that extra mile in pursuing a talent or a commitment that deserves a little more recognition."
Councillor Stephanie Primrose, spokeswoman for Lifelong Learning, said: "This will be a real inspiration and encouragement to local children."