"It's nice to represent the oldsters!" she joked as she talked to PEOPLE's Janine Rubenstein and Jeremy Parsons on the red carpet at the Grammys Sunday night.

Raitt, 73, is nominated for song of the year for "Just Like That," on which she is credited as both singer and songwriter.

"I'm always really proud to be acknowledged," she told PEOPLE of the nomination. "To be acknowledged for song of the year this time is pretty big – so, for one of my tunes? That's a big thing for me, so I'm very proud."

However, it's a bittersweet night for the 10-time Grammy Award winner, even as she's celebrating four more nominations. Raitt is part of the in-memoriam tribute that will honor some of the lives lost in the music industry in 2022, including Fleetwood Mac's Christine McVie, who died in November after a brief illness.

Check out PEOPLE's full Grammys coverage to get the latest news on music's biggest night.

"There's some sadness about being part of the in-memoriam tribute to some friends of ours that we lost," she said of being included in the emotional performance, which will also honor Migos' Takeoff and Loretta Lynn.