The 32-year-old become the first Scottish player to reach 100-caps back in February and was honoured at a ceremony at the Mansfield Traquair venue in the capital on Thursday night.
"I'm very much a team player, so it's quite humbling to be recognised in this way," said Paterson after picking up the award.
"I was really honoured just to receive a nomination, so to win the award was something really special.
"I'd like to thank everyone who voted for me, and the organisers of the event for what was a wonderful evening."
Paterson returned from International duty to line-up for Edinburgh in the Magners League as they faced Champions the Ospreys at the weekend.
Edinburgh went down 33-16 to the Welsh side and now face a fortnight of European rugby before returning to the Magners League for a festive period derby against Glasgow Warriors on Monday December 27.
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