Here are some medals, commendations, and awards that can be used when
writing up service records.  Feel free, though to make up more; just be
sure to let the rest of us know...

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Academy commendations:  Usually only two commendations from Academy service
will appear on a service record:

Service:  For outstanding service during Academy time, usually assisting
a professor or teaching an extracirricular activity.

Honors:  A more broad commendation, for particularly honorable service during
Academy time.  This is a fairly common award, given to teacher's pets, etc.

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Starfleet Distinctions:  Given for generally distinguished service, as
opposed to a specific action.  Can be awarded by any flag officer to either
officers or enlisted personnel.

Service:  Self-explanatory.
Honor:  More prestigious than the Service Distinction.

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Starfleet Medals:  These can be given to either officers or enlisted personnel,
and they are given for both combat and non-combat situations.

Honor:  The highest medal Starfleet has to give.  It is reserved for
extraordinary service with great risk to personal life.

Valor:  Similar to today's Purple Heart, but not awarded as often.  The Medal
of Valor can be given more than once, and each subsequent awarding is denoted
by a silver star on the new medal.  So someone given the Medal of Valor twice
would be denoted as "Valor with Star"; someone given it three times: "Valor
with Two Stars."

Distinguished Service:  Given for service Above and Beyond the Call of Duty,
but without great enough personal risk to warrant the Medal of Honor.

Stars:  These are more generic awards, not as prestigious as the above medals
and given more often.  Like the Medal of Valor, the Stars can be given more
than once.  Also, if the service in question involved the loss of life, the
Star will have a diamond inset.

Gold:  Honor
Silver:  Valor
Bronze:  Service

So someone given the Bronze star twice, one of which for service involving the
loss of life, would be denoted as "Bronze Star with Diamond and Star."

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Commendations:  Commendations can be given by a superior officer.  They
basically appear on the service record as 'good marks.'  Commendations are
made up as the officer sees fit; some common ones are:
Original Thinking (Kirk got this one, remember?)
Bravery
Honor
Extraordinary Service
Meritorious Service (less than Extraordinary Service)
Heroism

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Miscellaneous Awards/Commendations/Medals:

Barclay Ingenuity Award
(I imagine there's more that we just haven't thought of yet.)

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United Federation of Planets Honors:  The UFP also has a couple of ways
to award people who have done something extraordinary for the Federation
in general.  These awards can be given to non-UFP members as well as members.

United Federation of Planets Service Medal:  For some extraordinary service
to the UFP.

Diplomatic Honors:  These are like commendations, but are given via diplomatic
channels.  Honors can be bestowed by single members as well as by the UFP
as a whole.

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Disciplinary actions:  I believe that, with noteable exceptions (Like breaking
the Prime Directive, or striking a fellow officer), disciplinary actions
will be like commendations.  The CO simply adds the requisite statement to
the person's service record.  Some common ones:
Insubordination
     General
     Disregarding orders
     Disobeying ordes
     Threatening superior officer
Threatening superior officer
Striking superior officer
Striking fellow officer
Conduct unbecoming an officer
Etc., etc.