The 28-year-old winger had his career threatened in 2010 by two back surgeries and a blood infection, but he returned from a year on the sidelines to produce 67 points in 66 games this season. Lupul sat fifth in NHL scoring when he suffered a shoulder injury earlier this month.
The Masterton Trophy is awarded annually for "perseverance, sportsmanship and dedication to hockey" and is voted on by local members of each chapter of the Professional Hockey Writers Association.
The award winner will be announced June 20 in Las Vegas.
Among the other nominees are Edmonton Oilers defenceman Corey Potter, Ottawa Senators captain Daniel Alfredsson and Montreal Canadiens forward Max Pacioretty.
Calgary, Vancouver and Winnipeg have yet to announce its nominations for the Masterton Trophy.