Edmonton linebacker Dexter McCoil won defensive player of the week, while Hamilton's Terrell Sinkfield and Andy Fantuz won special teams and Canadian honours respectively.
Ray threw for 431 yards and four touchdowns as the Argonauts edged the rival Hamilton Tiger-Cats 34-33 on Friday.
He completed 34 of 46 pass attempts as the Argos claimed a share of first place in the East Division with Hamilton and Montreal.
Ray leads the CFL in passing yards with 3,861 and touchdown passes with 27.
McCoil had four tackles, a sack, a special teams tackle, and returned a fumble for a touchdown as the Eskimos routed Winnipeg 41-9 to move into second place in the West Division.
Sinkfield, a punt and kick returner, returned five kickoffs for 148 yards and two punts for 62 yards, including a game-high 51-yard return, in Hamilton's loss to Toronto.
Ticats receiver Fantuz, a native of Chatham, Ont., caught seven passes for 77 yards and a touchdown.