Source : Webster's Revised Unabridged Dictionary (1913)

Laureate \Lau"re*ate\, n.
   One crowned with laurel; a poet laureate. ``A learned
   laureate.'' --Cleveland.

Laureate \Lau"re*ate\, v. i. [imp. & p. p. {Laureated}; p. pr. &
   vb. n. {Laureating}.]
   To honor with a wreath of laurel, as formerly was done in
   bestowing a degree at the English universities.

Laureate \Lau"re*ate\, a. [L. laureatus, fr. laurea laurel tree,
   fr. laureus of laurel, fr. laurus laurel: cf. F. laur['e]at.
   Cf. {Laurel}.]
   Crowned, or decked, with laurel. --Chaucer.

         To strew the laureate hearse where Lycid lies.
                                                  --Milton.

         Soft on her lap her laureate son reclines. --Pope.

   {Poet laureate}.
   (b) One who received an honorable degree in grammar,
       including poetry and rhetoric, at the English
       universities; -- so called as being presented with a
       wreath of laurel. [Obs.]
   (b) Formerly, an officer of the king's household, whose
       business was to compose an ode annually for the king's
       birthday, and other suitable occasions; now, a poet
       officially distinguished by such honorary title, the
       office being a sinecure. It is said this title was first
       given in the time of Edward IV. [Eng.]

Source : WordNet®

laureate
     adj : worthy of the greatest honor or distinction; "The nation's
           pediatrician laureate is preparing to lay down his
           black bag"- James Traub
     n : someone honored for great achievements; figuratively someone
         crowned with a laurel wreath