Just as a mild caution to your thought process, GM, remember that the Federation is a true meritocracy, and, thus, shouldn't exactly mimic how our republic government operates.
Personally, I prefer to have canon awards (i.e., stuff named in the series) supercede a non-canon equivalent. But, since they're just good RP stuff, it doesn't really matter one way or another.
Davy Jones
"Frightened? My dear, you are looking at a man who has laughed in the face of death, sneered at doom, and chuckled at catastrophe! I was petrified."
-- The Wizard of Oz