The Argentina international defender received the vast majority of votes from the club's supporters, beating Carlos Tevez and Matija Nastasic to the end-of-season accolade
The Argentina international right-back beat compatriot Carlos Tevez and 20-year-old centre-back Matija Nastasic into second and third place respectively.
In the absence of Vincent Kompany for large parts of the season, Zabaleta assumed the captain's responsibilities while clocking up 42 appearances in all competitions for the Premier League runners-up.
"I would like to say thank you to all the City fans who voted for me. This is a great personal honour and sits alongside winning the Premier League title, captaining City and playing for my country," Zabaleta told the club's official website.
"The fans have always been fantastic towards me and shown me a lot of love and respect and I can assure them the feeling is mutual."
Having joined City from Espanyol in 2008, Zabaleta has made 193 appearances in all competitions, scoring seven goals.