V. Stiviano -- Drake's 'Side Pieces' Song ... I'M HONORED

V. Stiviano tells TMZ Sports she wasn't OFFENDED when Drake called her the "Side Piece of the Year" during the ESPYs ... she was FLATTERED.

Stiviano was leaving Villa Blanca in Beverly Hills ... when she told us the "Side Piece" shout out was "a very big compliment."

Funny, 'cause Drake certainly didn't mean it as one as he mocked her right before going into a song called, "Donald Sterling Never Loved Us."

Either way, Stiviano's biggest concern yesterday didn't seem to be the diss ... it was the fact she was getting into a Volvo ... instead of a Bentley, Ferrari or a Rolls.

Priorities.