Parlett was honored for his theoretical and numerical contributions to numerical linear algebra, especially the symmetric eigenvalue problem. Moler was honored for his creation of MatLab, a computational and experimental tool in linear algebra that has influenced both research in and teaching of linear algebra.

The Hans Schneider Prize is awarded for research, contributions, and achievements at the highest level of linear algebra. It may be awarded for an outstanding scientific achievement or for lifetime contributions, and there may be more than one recipient.