- School of Medicine Glenn W. Irwin, Jr. Distinguished Faculty Award (2006)
- IUPUI Spirit of Philanthropy Award (2001)
- President's Award for Distinguished Teaching (1977)
For over thirty years Dr. Grayson served the IU School of Medicine with distinction. He is a person who never turned a student away, and whose life and goals revolved around his profession. He served as professor and on a number of occasions as Chairman of the Department of Ophthalmology. Through clinical investigations and publications, Dr. Grayson has received national and international recognition for his significant contributions to ophthalmology. His textbook Diseases of the Cornea is a culmination of his clinical experiences and teaching methods and is considered one of the finest texts written on the subject.
During his career he was inducted into the prestigious American Ophthalmological Society. He was given the IU President's Award for teaching and was name Distinguished Professor. Dr. Grayson established an Ophthalmology Fellowship Foundation to help support post residency fellowship positions. A "Merrill Grayson Research Endowment in Ophthalmology" was established by all Dr. Grayson's residents. This effort will be used to recruit, retain and advance senior level faculty investigators. Dr. Grayson, always interested in residency training, has established an Ophthalmology Leadership Award. This is awarded to the ophthalmology resident who has demonstrated superior performance. A Grayson Endowed Chair has been established in Ophthalmology.