O'Connor, who will receive £100 from the Principality Building Society, the Premiership's title sponsor, said, "Pontypridd have been brilliant to me, especially coaches Paul John and Dale McIntosh. I feel I owe them a lot and it's great for the club, to get some recognition by way of this award.
"We've had a disappointing season by our standards, especially being knocked out of the Swalec Cup earlier than we would have liked, but we are now building towards next season. As a club, we always have high expectations of ourselves and we will once again aim to be competitive in both the Cup and League next season."
His backrow mentor at Sardis Road, Dale McIntosh said, "Wayne has been in terrific form of late. Wayne's a silent assassin. He is the most destructive openside in the Principality Premiership - he never has a bad game.
"The opposition target him week in and week out yet he gets up and just shakes off his dreadlocks. The biggest compliment I can pay Wayne is he is up there with the best to put on a Ponty jersey."
O'Connor joined Pontypridd in the 2002/03 season before the establishment of the regions. Before that, he had played all his rugby for Rumney, Cardiff.
Wayne O'Connor factfile:
Place of Birth: Cardiff
Position: Openside flanker
Player most admired: Scott Gibbs
Sportsman most admired: Paul Gascoigne
Biggest impact on career: Father
Occupation: Barber shop and taxi firm proprietor