Ray completed 30-of-35 passes for 413 yards and three touchdowns as the Argos improved to 5-2.
Ray is second in passing yards (1,768) and touchdown passes (14) and first with a 78.1 completion percentage this season.
Saskatchewan linebacker Tyron Brackenridge is the defensive player of the week with an interception, two forced fumbles, two tackles and a special teams tackle in the Roughriders' 24-21 win over Montreal on Saturday.
B.C kick returner Tim Brown won special teams honours with 212 all-purpose yards in the Lions' 26-22 win over Calgary on Saturday. Brown returned a first quarter kickoff 97 yards for a touchdown in the game.
Montreal linebacker Marc-Olivier Brouillette is top Canadian, finishing the game against Saskatchewan with three tackles, two sacks and two forced fumbles.