The award was presented to Ashwin by former India skipper Sunil Gavaskar and Harsh Goenka, Chairman of RPG Enterprises, at a function held at the Cricket Club of India.
Ashwin was the wrecker-in-chief during the home season, where India won 10 of their 13 Tests played against New Zealand, England, Bangladesh and Australia.
Ashwin has taken 99 wickets in the past 12 months.
Meanwhile, young batsman Shubhman Gill won the Young player of the year award. For his superb performance during the India-England U-19 ODI series, played in Mumbai.
Speaking on the occasion, Ashwin recalled that his first autograph which he had taken was from Gavaskar at the Chepauk stadium in Chennai.
Ashwin also praised Tamil Nadu offie Washington Sundar for his impressive show in the IPL while playing for Rising Pune Supergiant.
"Washington did really well in the Vijay Hazare trophy. I had heard from a couple of people that he is doing well. He has got good idea of how to bowl in T20s and to ball with the new ball is a massive challenge.
"The first scar which you will inflict will always have value and he initially bowled well. The pace and the length which he hit was very very critical," said Ashwin.