In England the Belgian international Kompany has led Premier league leaders Manchester City to the brink of their first top-flight crown since 1968.
The centre back has been at the heart of a well-orchestrated defence that has conceded six goals fewer than title rivals Manchester United.
It was a jury of football experts that selected the Belgian, who now succeeds Nemanja Vidic.
In a first reaction Kompany told the VRT: "I would have preferred to share my prize with my fellow defenders."
The award not only forms recognition of the Belgian's skills as a defender. His goal against Manchester United may have secured an historic league title for City.
This is the first time in the trophy's eighteen year history that a Manchester City player has won the award. During the past five years the awards always went to a Manchester United players: Ronaldo (twice), Vidic (twice) and Rooney (twice).
Vincent Kompany: "This is an enormous honour. But at the minute I'm concentrating on Sunday's match. That would be an even more beautiful prize."
Manchester City can take the Premier League title on Sunday if they win against QPR.
Newcastle United's Alan Pardew was named Premier League manager of the season on Friday to cap an impressive campaign in which he turned his unfancied side into contenders for Champions League qualification.
Newcastle are fifth in the table with one game to play at Everton on Sunday and could qualify for the Champions League if other results go their way.
Former Charlton Athletic and West Ham United manager Pardew has won plaudits for rebuilding his side with some astute moves in the transfer market.
In place of Andy Carroll, who joined Liverpool for 35 million pounds in January 2011, Pardew brought in strikers Demba Ba in June and Papiss Cisse in January this year.
The Senegalese duo have scored 29 league goals between them and Pardew also did well to sign France midfielder Yohan Cabaye in the close season.
flandersnews and Reuter