The Jackson H. Ralston Prize in International Law is intended to recognize original and distinguished contributions to the development of the role of law in international relations. The concept of law broadly includes all human efforts to enhance the establishment of international peace and justice. It broadly encompasses activity in arbitration, diplomacy, international organization, and other steps toward the peaceful settlement of disputes and conditions promoting world order.

According to the terms of the trust, the Prize is to be awarded only when specially merited and only to a person whose contribution(s) toward the objectives of the award have attained the highest professional competence. It is intended that the award recognizes not merely the completion of constructive scholarship, but also the presentation of proposals or the conduct of activities contributing to the improvement of the role of law in international affairs. The Ralston trust also stipulates that nominations for the Ralston Prize be supported by the President of the University, the Chief Justice of the California Supreme Court, and the Secretary-General of the United Nations.

Over the years, the Ralston Prize Lectures have addressed a broad range of topics, including social justice and individual freedom, disarmament and development, transformation in South Africa, and the principles of negotiation.