O'Toole, who joined the City Beach-based club when she was 12, will receive the highest surf life saving recognition for her outstanding athletic achievements at an award ceremony on October 31.
She has won six state gold medals in the women's 2km beach run and won more consecutive individual medals than any other athlete in Australia, male or female, between 2005 and 2012.
"It is a huge honour and I am very appreciative," O'Toole said.
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READ NOW"But I certainly couldn't consider myself at the same level or status as other Hall of Famers.
"I was simply doing something I loved and something that felt very natural to me. It is all very humbling."
City of Perth SLSC president Grant Trew said O'Toole dedicated her time to patrolling as a lifesaver in the past and now mentored young lifesavers.
"She is always happy to take time out of her busy schedule to talk to our up-and-coming lifesavers and supporter groups in the club," Trew said.
O'Toole joined almost 26 years ago and said her roots had never drifted from the club.
"I have had incredible experiences, made so many fantastic friends and met my husband James at City of Perth," she said.
"I never wanted to move."