The world number one has emulated Tiger Woods by winning the Jack Nicklaus Award three years in a row after receiving 91 per cent of the vote from his fellow players.
Scheffler won seven titles over the season - including a second Masters Green Jacket in April - as he continued his superb consistency on the tour.
PGA Tour commissioner Jay Monahan said: "On behalf of the PGA Tour, congratulations to Scottie Scheffler on a truly historic season, capped off with his first FedExCup title and today a third consecutive Jack Nicklaus Award as PGA Tour Player of the Year.
"Scottie took on challenges from the best players in the world on the biggest stages all season, and being honoured as PGA Tour Player of the Year is the ultimate sign of respect from his peers."
Scheffler revealed that his highlight of the year was winning an Olympic gold medal in Paris although he was quick to play down comparisons between himself and Woods.
The American golfer said after receiving the honour: "I think we're always looking to compare somebody to Tiger Woods. I saw it a lot growing up but there's really only one Tiger - that's just kind of it."
Scheffler added: "I would say the nine holes that kind of sticks out to me the most maybe would be the back nine at the Olympics.
"The way that Teddy (caddie Teddy Scott) and I kind of finished off that tournament was pretty cool."