Source : Webster's Revised Unabridged Dictionary (1913)

Accolade \Ac`co*lade"\ (#; 277), n. [F. accolade, It. accolata,
   fr. accollare to embrace; L. ad + collum neck.]
   1. A ceremony formerly used in conferring knighthood,
      consisting am embrace, and a slight blow on the shoulders
      with the flat blade of a sword.

   2. (Mus.) A brace used to join two or more staves.

Source : WordNet®

accolade
     n : a tangible symbol signifying approval or distinction; "an
         award for bravery" [syn: {award}, {honor}, {honour}, {laurels}]