The song that Sheldon sings at the awards ceremony is "The Elements" by Tom Lehrer and Sir Arthur Sullivan. It is a recitation of the elements (known in 1959--102) sung to the tune of "Major General's Song" from "The Pirates of Penzance". It is on Lehrer's album 'Songs and More Songs by Tom Lehrer'.
As Sheldon is singing the elements song, he encourages the audience to sing along. When he calls out for only Asians to sing, an Asian woman is seen singing along where she had previously been not singing.