Ray through for 368 yards and four touchdowns and completed 24 of his 34 pass attempts in Toronto's 39-34 win over the archrival Tiger-Cats.
Toronto trailed Hamilton at halftime, but Ray led a second half comeback by throwing two touchdowns, including a 10-yard TD to Dontrelle Inman late in the fourth quarter to help guide the Argonauts victory.
In other awards, Calgary lineman Charleston Hughes was named top defensive player, Hamilton kick returner Lindsey Lamar took special teams honours, and Stampeders running back Jon Cornish earned the top Canadian award.
Hughes registered a total of four tackles, including three quarterback sacks, in Calgary's 44-32 victory against the B.C. Lions.
Lamar returned his very first kickoff 104 yards for a touchdown against Toronto. He finished the game with six kickoff returns for 224 yards and four punt returns for 18 yards in his CFL debut.
Cornish picked up where he left off last season when he won the most outstanding Canadian award. The native of New Westminster, B.C., had 24 carries for 172 yards and two touchdowns in the Stampeder's win over the Lions.