Hedl earned the award for his reports on war crimes committed by Croatian forces in the eastern city of Osijek in the early 1990s, Feral Tribune said in a press release on Monday.
The BBC's Baghdad correspondent Sadha Muhammad Al-Jubori also won the award.
The award will be presented to the recipients at a ceremony at the International Centre for Journalists in Washington on November 15.
Feral Tribune said Hedl was the first journalist from the Balkans to win the award since its introduction in 1984.