Emin, who has survived aggressive bladder cancer and opened her own art school, as well as embarking on a new body of work since her diagnosis four years ago, said it was a "brilliant surprise".
The artist, whose headline-grabbing works in the 90s included Everyone I Have Ever Slept With and My Bed, said: "Dame Tracey has a good ring to it. I'm very, very happy. Another brilliant surprise in my life."
Staunton, who has appeared in The Crown and Harry Potter films, said: "I feel genuinely humbled to be recognised on the same level as the amazing actresses, all the great dames." She said she was delighted that the honour "recognises my support for charity as well as my work as an actress".
"I feel that this honour also recognises the importance of the arts in this country. Theatre, film and television are essential to our wellbeing, stand at the heart of our culture and are admired throughout the world," she said.
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