Both were honoured for their political and public service.
The politicians were on Mr Johnson’s resignation honours list.
The North East Somerset Conservative MP was joined at the Royal residence by his wife Helena de Chair and three of his six children; Thomas, Mary and Peter.
Speaking to the PA news agency at Windsor Castle, Sir Jacob said: “What Boris Johnson did was fundamentally important because he ensured that the 2016 referendum was delivered on and that was his major challenge.
“If you looked back to the 2017-19 parliament, it was completely dysfunctional. Absolutely nothing was happening.
“He cleared the logjam, got Brexit done and then managed to govern the country through the incredibly difficult circumstances of the pandemic when no-one really knew what the right answers were. I think he showed great leadership during that period.
“It was very kind of Boris to give (a knighthood) to me and very kind of the King, His Majesty, to approve it. I’m very grateful to have received it.”
Sir Jacob said he was “absolutely delighted” to come to Windsor to receive the honour.
He added: “I was particularly delighted to be dubbed by Princess Royal, who I am a most enormous admirer.
“I think she’s just such a model of public service and duty, which she carries on doing. You see every year she is the hardest working royal. It is just amazing the service she does to the country.”