Tate completed 22-of-36 passes for 363 yards and two touchdowns in the Stampeders' 36-30 win over the Saskatchewan Roughriders on Sunday.
Tate sparked the winning drive with less than one minute remaining in the game, throwing a 68-yard touchdown pass to Romby Bryant that sealed the victory for the Stampeders.
Tate kept his focus in the game after getting his "bell rung" in the first half on a helmet-to-helmet hit that sparked fears the quarterback may have suffered a concussion.
Calgary teammates Keon Raymond and Jon Cornish were named top defensive player and top Canadian, respectively.
Toronto receiver/kick returner Chad Owens won the special teams award for his role in the Argonauts' 42-26 win over Edmonton in the East semifinal.
Raymond intercepted Darian Durant's last-second pass to shut down a potential comeback by the Roughriders. The defensive back also had four tackles and a sack.
Cornish, from New Westminster, B.C., ran for a game-high 109 yards on 18 carries. His 29-yard run in the dying seconds of the first half stopped the Riders' growing momentum and allowed Rene Paredes to kick a field goal which gave the Stamps an first-half lead.
Owens' 59-yard touchdown on a punt return helped the Argos to their record 31 points in the second quarter. Owens had 96 yards and a touchdown on seven punt returns and added another 61 yards on three kick returns.