Suarez, 27, collected the award in London on Sunday evening after scoring 30 goals in a truly sensational campaign, reports The Mirror.
The award was a complete turnaround in the fortunes of the Uruguayan striker, who was castigated for biting Branislav Ivanovic a year ago.
Suarez was then handed a ten-match ban and after missing the first months of this season, has been unstoppable since returning.
Suarez said that the award should be credited to his team-mates and Liverpool FC staff, without whom, he said, he wouldn't have won the prize.
He described as a great honour and a recognition by his peers in the game.
Belgian and Chelsea winger Eden Hazard received the Young Player of the Year award. Three Liverpool players were named in the PFA Team of the Year.
Suarez, Sturridge and Steven Gerrard were named in the XI, while Manchester City had two representatives – Yaya Toure and Vincent Kompany . There were also places for Seamus Coleman, Adam Lallana and Gary Cahill.
The line-up in full: Petr Cech, Coleman, Cahill, Kompany, Luke Shaw, Lallana, Toure, Gerrard, Hazard, Sturridge, Suarez.