Named after Giovanni Battista Piranesi (1720-1778), an eminent Italian graphic artist and architect of 18th century whose family was connected to Piran, the Piranesi Award is bestowed annually by the Piranesi Foundation at the Piran Days of Architecture seminar for best architectural achievement. The jury also confers three Piranesi mentions as well as a Student Piranesi award.

All candidates for the Piranesi Award are presented at an exhibition of realised architectonic works selected by national selectors for individual countries (in 2002 they were from Austria, Germany, the Czech Republic, Croatia, Italy, Hungary, Slovakia and Slovenia). The most important criterion for the selection is to have made a step forward in finding architectural solutions within a certain milieu. The jury of the Piranesi Award comprises all of the lecturers in the Piran Days of Architecture seminar, who make the selection for the prize and special mentions.