
ausgezeichnet
excellent
Describes something as excellent, outstanding, or of very high quality.
Das Essen im neuen Restaurant war wirklich ausgezeichnet.
The food at the new restaurant was truly excellent.
excellent / awarded
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excellent
Describes something as excellent, outstanding, or of very high quality.
Das Essen im neuen Restaurant war wirklich ausgezeichnet.
The food at the new restaurant was truly excellent.

award-winning
Describes a person or achievement that has been recognized with a prize, medal, or another official honor.
Der für seine Forschung ausgezeichnete Wissenschaftler hielt einen Vortrag an der Universität.
The scientist, who had been awarded for his research, gave a lecture at the university.
'Ausgezeichnet' (excellent / awarded) is the past participle of the verb 'auszeichnen' (to distinguish / award). 'Auszeichnen' means to single out something or someone as special, either through an honor or because of high quality. The adjective also has this double meaning.
Er ist ein für seine Romane ausgezeichneter Autor.
He is an author awarded for his novels.
In the meaning 'excellent', 'ausgezeichnet' (excellent) often stands alone after a verb. In the meaning 'honored/awarded', it usually stands directly before a noun, often followed by an explanation with 'für' (for) or 'mit' (with).
Der Service in diesem Hotel ist ausgezeichnet.
The service in this hotel is excellent.
As a synonym for 'sehr gut' (very good), 'ausgezeichnet' (excellent) is a strong and somewhat elevated expression. It gives special weight to a positive evaluation.
Ihre Präsentation war nicht nur gut, sie war ausgezeichnet.
Her presentation was not just good; it was excellent.
When 'ausgezeichnet' means 'honored' or 'awarded', you often find a preposition such as 'mit' (with), e.g. 'mit einem Preis' (with a prize), or 'für' (for), e.g. 'für seine Verdienste' (for his services/achievements), which describes the honor more precisely.
Die Forscherin wurde für ihre Entdeckungen mit dem Nobelpreis ausgezeichnet.
The researcher was awarded the Nobel Prize for her discoveries.
excellent / protruding
Hervorragend and ausgezeichnet both evaluate something as excellent and of very high quality. In this area, they are usually interchangeable; depending on the context, ausgezeichnet can also express an official honor, but that meaning is not relevant here. Use either word for a very positive assessment of quality.

Die Schülerin hat bei der Prüfung eine ausgezeichnete Leistung gezeigt.
The student gave an outstanding performance on the exam.
Die Schülerin hat bei der Prüfung eine hervorragende Leistung gezeigt.
The student gave an excellent performance on the exam.