Whoopi said: "I adored Whitney Houston. What all performers want and need and should get is love, and many of us here loved Whitney, and even if you're one of those who didn't show the love to Whitney, now is your chance, because tonight, that's what we're doing: We're going to be giving Whitney the greatest love of all."
Musical tributes were also paid to Donna Summer - who died last week from cancer - with Natasha Bedingfield singing Last Dance and Cee Lo Green performing (You Gotta) Fight for Your Right (to Party!) in remembrance of Beastie Boys star Adam Yauch, who died on May 4.
Meanwhile, Adele picked up 12 awards, including the coveted Top Artist prize, and dance act LMFAO went home with six gongs.
Katy Perry - who was accompanied to the event by her 91-year-old grandmother - said she felt "incredibly honoured" as she picked up the Spotlight Award in recognition of tying the record set by Michael Jackson of five number one hits from the same album, Teenage Dream.
She added: "Most of all, of course, I always say that the people have the power, so I want to say thank you to the glittering, gorgeous community of fans out there."
Taylor Swift was named Billboard Woman of the Year, with Lil' Wayne receiving the respective male honour, though he was not present at the ceremony - which took place at the MGM Grand Garden Arena in Las Vegas - to pick up the prize.
Billboard Awards 2012 winners list:
Millennium Award: Whitney Houston
Spotlight Award: Katy Perry
Top New Artist: Wiz Khalifa
Top Male Artist: Lil Wayne
Top Female Artist: Adele
Top Duo/Group: LMFAO
Top Billboard 200 Artist: Adele
Top Hot 100 Artist: Adele
Top Digital Songs Artist: Adele
Top Radio Songs Artist: Adele
Top Touring Artist: U2
Top Social Artist: Justin Bieber
Top Streaming Artist: Rihanna
Top Digital Media Artist: Adele
Top Pop Artist: Adele
Top R&B Artist: Chris Brown
Top Rap Artist: Lil Wayne
Top Country Artist: Lady Antebellum
Top Rock Artist: Coldplay
Top Alternative Artist: Coldplay
Top Latin Artist: Shakira
Top Dance Artist: Lady Gaga
Top Christian Artist: Casting Crowns
Top Billboard 200 Album: Adele, 21
Top Pop Album: Adele, 21
Top R&B Album: Beyoncé Knowles, 4
Top Rap Album: Lil Wayne, Tha Carter IV
Top Country Album: Jason Aldean, My Kinda Party
Top Rock Album: Coldplay, Mylo Xyloto
Top Alternative Album: Coldplay, Mylo Xyloto
Top Latin Album: Romeo Santos, Formula: Vol. 1
Top Dance Album: Lady Gaga, Born This Way
Top Christian Album: Casting Crowns, Come To The Well
Top Hot 100 Song: LMFAO Feat. Lauren Bennett & GoonRock Party Rock Anthem
Top Digital Song: LMFAO Feat. Lauren Bennett & GoonRock Party Rock Anthem
Top Radio Song: Pitbull Feat. Ne-Yo, Afrojack & Nayer Give Me Everything
Top Streaming Song (Audio): Adele Rolling in the Deep
Top Streaming Song (Video): Nicki Minaj Super Bass
Top Pop Song: LMFAO Feat. Lauren Bennett & GoonRock Party Rock Anthem
Top R&B Song: Kelly Rowland Feat. Lil Wayne Motivation
Top Rap Song: LMFAO Feat. Lauren Bennett & GoonRock Party Rock Anthem
Top Country Song: Jason Aldean Dirt Road Anthem
Top Rock Song: Foster The People Pumped Up Kicks
Top Alternative Song: Adele Rolling In The Deep
Top Latin Song: Don Omar & Lucenzo Danza Kuduro
Top Dance Song: LMFAO Feat. Lauren Bennett & GoonRock Party Rock Anthem
Top Christian Song: Laura Story Blessings
- BANG! Showbiz