E.g. as shown in the example here.
- 2011—Centennial Fellowship, Princeton University Department of Atmospheric and Oceanic Sciences (accepted)
- 2011—Top Student Award, University of Washington (declined)
- 2011—Program in Climate Change Fellowship, University of Washington (declined)
- 2011—Faculty Fellowship, Columbia University (declined)
- 2011—Charney Prize, Massachusetts Institute of Technology (declined)
- 2011—Regents Fellowship, Scripps Institution of Oceanography (declined)
- 2011—Chair’s Award, Stanford University Department of Earth and Environmental System Science (declined)
I don't think there's one answer to this question. Different people react to different things on CVs in different ways. The level of listing above is silly; if the candidate in the example had asked me for my advice I would have told them not to (they're basically listing jobs they were offered; interpreted generously, it looks like CV padding), but occasionally it can make sense to list a prestigious fellowship you declined due to circumstances.