Elimimian was honoured Thursday at the CFL's awards banquet at the Queen Elizabeth Theatre
Elimimian becomes the first pure defensive player to capture the award in voting conducted by the Football Reporters of Canada and nine CFL head coaches.
Quarterback Ricky Ray of the Toronto Argonauts was the finalist.
The six-foot, 227-pound Elimimian recorded 143 tackles this season and added five sacks.
Earlier, Elimimian was named the CFL's top defensive player.
Ray, 35, was the CFL's passing leader with 4,595 yards and 28 touchdowns.
It marked the second straight year that Ray was a finalist for the award as he finished second to Calgary's Jon Cornish in 2013.