The King Hussein Memorial Sword was presented to team leader Captain Massimo Tammaro by HRH Lt Gen Prince Feisal bin Hussein of Jordan.
Air Chief Marshal Sir Michael Knight, chairman of the Royal Air Force Charitable Trust, hosted the awards ceremony. He thanked everyone involved for an exciting and safe airshow.
"This was one of the best shows we have ever done and you must say to any doubters that it was exciting, very professional and will have people flocking back in huge numbers each year.
"It brings money in for important charities and it is without question, the finest airshow in the world. Join me in thanking Director Tim Prince and all his staff who made it possible," said Sir Michael.
The other award winners were:
Lockheed Martin Cannestra Trophy (Best Overseas Flying Demonstration): Jointly to French Air Force Mirage 2000 pilots Capt Yannick Vallet and Capt Fabrice Camliti.
Steedman Display Sword: Flt Lt Carl Zarecky flying RAF Chinook of 15 Sqn RAF Odiham.
Sir Douglas Bader Trophy (Best Individual Flying Demonstration): Major Wandent Brawdsen flying AH64D Apache helicopter from 301 Sqn Royal Netherlands Air Force.
Paul Bowen Solo Jet Trophy: Capt Olli Siivola, Finnish Air Force F/A 18.
As The Crow Flies (Friends of RIAT Best Overall Flying Demonstration): Major Wandent Brawdsen, AH64D Apache, 301 Sqn Royal Netherlands Air Force.
RIAT 2005 Best Livery: KC-135R, 77 Air Refuelling Sqn, USAF Reserve.