Jeb Wright is a writer on Classic Rock Revisted and wrote a good article as to why Rush is not in the Rock and Roll Hall of Fame:
"The band (Rush) has sold over 35 million records worldwide. They have amassed 24 Gold or Platinum awards, 14 of which are platinum. They trail only the Beatles and Rolling Stones for consecutive Gold and Platinum selling albums. Two of their releases are multi-platinum sellers. Moving Pictures has shifted over four million copies while 2112 has moved over three million units. They consistently sell out tours and have even sold gold and platinum on DVD releases of recent concerts. Rush has also featured the same three-piece trio for over 30 years. Are there any bands in the HOF that can boast the same longevity with the same members? "
You can find his full article here:
Thanks to rushisaband.com for the story.