Suarez finished ahead of second-placed Eden Hazard, who won the PFA's Young Player of the Year award, while Manchester City midfielder Yaya Toure ended in third spot after the voting process.
The Uruguay international has netted 30 league goals this season to lead the division's scoring charts and fire Liverpool towards what could be a first league title in 24 years.
|PFA AWARDS HIGHLIGHTS
|SUAREZ NAMED PLAYER OF THE YEAR
|HAZARD PICKS UP YOUNG PLAYER AWARD
|PFA TEAM OF THE YEAR
In addition to his monumental goal haul, the former Ajax frontman has registered 12 assists – the most in the Premier League.
Suarez's award cements an incredible turnaround in affection for the 27-year-old, who was booed on two occasions during last year's PFA ceremony.
He began the campaign by serving the remainder of a 10-game suspension for biting Chelsea's Branislav Ivanovic, which followed a race row involving Manchester United's Patrice Evra that also produced a lengthy ban.
But Suarez has put past controversies firmly behind him to light up English football and become only the second Liverpool player to be crowned Player of the Year in the Premier League era.