The pair were among a total of 669 who received General Division of the Order of Australia awards as part of the 2022 Queen's Birthday celebrations.
Both were made Members of the Order of Australia for significant service to motorsport, while Story was also recognised for his community work and Klimenko for her charity work.
Klimenko became the first female team owner in Supercars when she bought Stone Brothers Racing and turned it into Erebus Motorsport.
The team has since become a fan favourite and a race winner, including a sensational victory at the Bathurst 1000 in 2017.
Klimenko is also an ambassador for the Dare to be Different programme and, outside of motorsport, has backed initiatives such as the Steve Waugh Foundation, Cure for Cancer Foundation, Feel the Magic and Hogs for the Homeless.
Story, meanwhile, became a co-owner of Dick Johnson Racing in 2013 and has led the team through a variety of roles since.
He helped engineer the Team Penske tie-up that helped the team secure three consecutive titles with Scott McLaughlin.
In the post-Penske era he is DJR's Executive Chairman and recently oversaw the team's carbon neutral status, a first in Supercars.
He is also a board member of Racing Together, an initiative that encourages Indigenous involvement in motor racing.
Outside of motorsport, Story is an ambassador for both children's cancer charity Camp Quality and the Prostate Cancer Foundation of Australia and has raised significant funds through his network and personal contributions.
“Ryan is a man who puts others first and himself second," said DJR co-owner Dick Johnson.
"He has done so much not only for motorsport, but the community with his charity work with Camp Quality, the Prostate Cancer Foundation and the Racing Together programme.
“The work he has done tirelessly behind the scenes has got the team to where it is today and all the success we have had, he has been a big part of it.
“Congratulations Ryan, it is an honour to partner with you on and off the track.”
Supercars CEO Shane Howard congratulated Klimenko and Story on their honours.
“This is well-deserved recognition for Ryan and Betty – two outstanding leaders of their respective Supercars teams,” Howard said.
“Both have done so much for Supercars and for many others throughout Australia, possessing leadership and compassionate qualities that have had a profound impact on many.
“This is a very special occasion and on behalf of Supercars I congratulate Ryan and Betty on being recognised for their dedication to Supercars and the wider motorsport community as well as the community groups and charities they have supported for many years.”
