"This is a great honour, especially as the votes have come from the other players in the Magners League," said Bowe of his latest award.
"It was a great season for the Ospreys, culminating in us winning the Grand Final against Leinster in Dublin, and this award rounds off the season very nicely indeed.
"But this has to close the door on the 2009/10 season because the aim now is to go on and successfully defend our title. We know that is going to be a very hard thing to do - and that no team has been able to do that in the past.
"There is a ridiculous amount of young talent at the Ospreys and my first task is to try to break into the team before I can think about anything else. As well as Shane Williams and Nikki Walker, we've got Tom Prydie, Kristian Phillips, Eli Walker and Richard Fussell all challenging for the wing spots."
Bowe faced tough opposition from the Cardiff Blues duo of Xavier Rush and Ceri Sweeney, the league's top try scorer Tim Visser, of Edinburgh, and Dragons wing Aled Brew.
Visser made it a wing double when he was presented with the Magners League Young Player of the Season award.
Visser, born in Zeewolde, Holland, and an England Schoolboy international, scored 10 tries in 17 Magners League games - including seven in his last six tournament outings and a Murrayfield hat-trick against eventual champions the Ospreys.
The former Newcastle Falcons flyer finished at the head of the try-scoring charts to lift an award open to those players who were under 23, uncapped at the start of the season and who had played a minimum of 300 minutes in 2009/10.
The other four candidates were forwards, with Leinster's new Ireland prop Cian Healy being joined by the Scarlets' Wales squad member Ken Owens and Glasgow Warriors' Jon Welsh as front row candidates. New Edinburgh captain Roddy Grant was the other nominee.
Magners League champions the Ospreys supplied four players for the Magners League Dream Team - including individual award winner Bowe.
He was joined by team-mates James Hook, Adam Jones and Jerry Collins with Brian O'Driscoll, Leo Cullen and Jamie Heaslip making the Dream Team line-up from beaten finalists Leinster.
Players from seven of the teams - the Ospreys, Leinster, Cardiff Blues, Edinburgh, Glasgow Warriors, Munster and the Scarlets - made the final 15.
Ali Kellock, who led Glasgow into the Play-Offs, was chosen as the mythical side's skipper having started 12 of the 18 regular season matches and captained the Warriors to 10 wins and a draw in those games.
He took over the captaincy of Scotland on the tour to Argentina this summer and helped Andy Robinson's men make history by beating the Pumas in back-to-back Tests.
14 Tommy Bowe (Ospreys)
13 Brian O'Driscoll (Leinster)
12 James Hook (Ospreys)
11 Tim Visser (Edinburgh)
10 Dan Parks (Glasgow Warriors)
9 Tomas O'Leary (Munster)
2 Ken Owens (Scarlets)
3 Adam Jones (Ospreys)
4 Leo Cullen (Leinster)
5 Ali Kellock (Glasgow Warriors, captain)
6 Jerry Collins (Ospreys)
7 John Barclay (Glasgow Warriors)
8 Jamie Heaslip (Leinster)