Players and coaches from across the competition gathered in Scotland to see the 24-year-old, who was also named in the Team of the Year, handed the prize.
Biggar has racked up 219 points in the RaboDirect PRO12 this season - more than anyone else - and was voted the league's standout player by his peers.
His efforts could not prevent Ospreys from missing out on a playoff spot but the Welsh international was honoured by the accolade.
"I'm hugely, hugely proud," he said. "When you get voted for by your peers, you ask professional sportsmen and they will say the same - it means an awful lot more coming from fellow players.
"I'm hugely honoured just to play against some of the players we play against, let alone be competing for awards with them."
Glasgow Warriors and Scotland lock Jonny Gray was named Young Player of the Year ahead of his side's playoff semi-final with Munster on Friday.
The 20-year-old, who also joined brother Richie in the Scotland setup this season, joins an illustrious list of former winners, including British & Irish Lions Stuart Hogg and Taulupe Faletau.
He said: "It's a massive honour, it's very humbling and I'm very grateful to have won it.
"You look at the names of previous winners and I am very privileged and very grateful to be a part of it. I am very lucky with the opportunities I have had this year."
Rob Penney claimed the Coach of the Year award after guiding Munster to a third-place finish in the table but the Kiwi, who is leaving the club at the end of the season, was quick to pay tribute to his opposite numbers.
"It's very humbling and a bit embarrassing really to win the award - it's a great competition, it's a tough competition and all the coaches do a great job," said Penney.
"I don't think there's ever a nice way to leave an organisation that you're pretty passionate about but this is a real honour, it's something that I'm very humbled by."
Gray's Glasgow teammate Tommy Seymour won Try of the Season for his effort against Ospreys, while Connacht were named the Rhino Collision Kings.
Pat Lam's side also won the SpecSavers Fair Play Award, which they shared with fellow Irish outfit Ulster, while Munster's JJ Hanrahan scooped the Rhino Golden Boot Award with 87.30 per cent accuracy.
Finally, Leinster legends Leo Cullen and Brian O'Driscoll won the Chairman's Award in recognition of their service to the competition and the sport.
Follow us on Facebook, join the conversation on Twitter, sign up to our YouTube channel for extensive match highlights and sign up for our newsletter for regular updates on the RaboDirect PRO12.
Guinness PRO12
Suite 208, Alexandra House,
The Sweepstakes
Ballsbridge, Dublin 4, Ireland