The prestigious event, which honours women in sport, provided a double celebration for water polo because the South African side, under Delaine, was named team of the year.
The squad was the first SA women's water polo team to compete in the Olympic Games.
At the Tokyo Games last month, Delaine received plaudits for being the only female head coach of a water polo team at the sports extravaganza.
The former Nelson Mandela University and SA player was joined by Madibaz students Ashleigh Vaughan and Meghan Maartens in the Olympics squad.
Given the array of talented people nominated for the category, she said that she was honoured to be a named as a finalist.
Delaine paid tribute to the people who had supported her throughout her playing and coaching careers.
She said the recognition water polo had received would be significant for the sport. She praised the national squad for their efforts at the Olympics which saw a largely amateur team compete well against some professional outfits.
"Our team motto is 'believe, inspire, transform', or BIT, and I think they definitely did their bit to be worthy recipients of this award" said Delaine.