"I do want to say, this is an award for late-night comedy, no one was funnier in the last 20 years than Norm Macdonald on late-night comedy.
"So if you have any time in the next week, do what I did and just spend time YouTubing clips of Norm and Conan because it doesn't get better than that," Oliver said while accepting the Emmy for variety talk series.
Michaels, the creator and executive producer of 'SNL', also paid tribute while accepting the Emmy for variety sketch series.
Macdonald was a member of the 'SNL' troupe from 1993 to 1998.
"Weekend Update has been part of 'SNL' for 46 seasons. And here I'd like to pay tribute to one of the best we ever had, Norm Macdonald," he said.
Macdonald's death shocked the entertainment industry last week. The comedy genius died on September 14 at 61 following an almost decade-long battle with cancer.
After 'Saturday Night Live' won for sketch comedy, Michaels offered more words of praise for Macdonald in the backstage press room.
"He meant the world to people there," he said. "Norm was one of the funniest people I've ever known and because he's Canadian I put him up there in the top five."
Michaels noted Macdonald's unique delivery and his timing that defied most comedy norms.