The Collaborative International Dictionary of English v.0.48:

Accolade \Ac`co*lade"\ ([a^]k`k[-o]*l[=a]d" or
   [a^]k`k[-o]*l[.a]d"; 277), n. [F. accolade, It. accolata, fr.
   accollare to embrace; L. ad + collum neck.]
   1. A ceremony formerly used in conferring knighthood,
      consisting of an embrace, and a slight blow on the
      shoulders with the flat blade of a sword.
      [1913 Webster]

   2. (Mus.) A brace used to join two or more staves.
      [1913 Webster]

WordNet (r) 3.0 (2006):

accolade
    n 1: a tangible symbol signifying approval or distinction; "an
         award for bravery" [syn: award, accolade, honor,
         honour, laurels]