Singh, who went seven years without a victory prior to the 2006 season, won last year's Volvo China Open and the Volvo Masters in Spain, in addition to his two consecutive titles on the Japanese Tour.
Other nominees for the award were Thailand's Prom Meesawat and South Korean Yang Yong-eun.
Spaniard Alvaro Quiros was named Young Player of the Year after his win at the Alfred Dunhill Championships, while 18-year-old Thai Chintarat Phadungsil received the Rising Star award, a year after he became Asia's youngest champion while still an amateur.