Its live reporting, which included the use of a helicopter, has been submitted for the Scoop of the Year award at the Royal Television Society's Television Journalism Awards.
The winner of the prize is announced next month.
It's alleged Sir Cliff Richard sexually abused a boy at a Billy Graham rally in 1985.
The singer strongly denies the claims, and no charges have been brought against him.
Sir Cliff is reported to have said he will bring legal action against the BBC for breach of privacy if he does not face charges.
Gideon Benaim, from the law firm representing Mr Richards, said the BBC's reporting caused "immeasurable harm to our client and was both premature and disproportionate."
A group of MPs criticised South Yorkshire Police, which conducted the raid on the singer's home, labelling the force as "utterly inept". Sir Cliff was on holiday in Portugal when they conducted the raid.
South Yorkshire Police gave the BBC a tip-off about the raid beforehand, which allowed them to have a helicopter in place to send back live pictures when it started.
The MPs said the BBC was "well within its rights" to run the story.