Chad Owens of the Toronto Argonauts claimed the honour Thursday at the CFL's awards banquet.
Calgary Stampeders running back Jon Cornish was the award finalist in voting conducted by the Football Reporters of Canada and the eight CFL coaches.
Owens, 30, was the CFL leader in receiving (94 catches for 1,328 yards and six TDs) and return yards (2,510) and accumulated a league-record 3,863 all-purpose yards.
Owens, a native of Hawaii, is a big reason why Toronto is making its first Grey Cup appearance since '04.
The Argos will face Cornish and the Stampeders in the CFL title game Sunday at Rogers Centre.
Cornish, a native of New Westminster, B.C., was attempting to become the first Canadian to claim the award since Ottawa's Tony Gabriel in 1978.
The six-foot, 217-pound Cornish led the CFL in rushing with 1,457 yards, becoming the first Canadian to do so since Orville Lee achieved the feat in '88 with Ottawa.
Cornish also broke Norm Kwong's 56-year-old record for most rushing yards in a season by a Canuck of 1,437 and earlier captured the CFL's top Canadian honour.
The CFL awards are sponsored by Gibson's Finest.