Murray has been in sensational form this season having hit 30 goals from 36 appearances in all competitions, yet the front-runner for last weeks award missed out to Watford's Vydra, who has scored 20 this term.
"He's [Murray] done well, he's deserved it," the Eagles' boss told reporters.
"The only thing he didn't get was the award the other night. What more could he have done to have got that?
"And instead it was given to Mr. Vydra, who's currently on loan. It's all a bit weird how these things are given out.
|SOARING TO VICTORY|
|12/1||Crystal Palace are 12/1 with Bet365 to beat Blackpool 2-0 at Bloomfield Road on Monday|
Palace are in with a chance of sneaking into the top two in the second tier and Holloway has called for his side to put a late run of wins together and seal promotion to the Premier League.
"Lets see if we can do what we need to do more importantly, which is try and win at least six or seven of these last eight games we've got," he added.
"If we can do that, we might all be celebrating, mightn't we?"