The Netherlands international, who will move to Manchester United this summer, scored 22 goals and provided a further five assists as PSV were crowned league champions this season.
Cruyff, Ajax head coach Frank de Boer, Zwolle boss Ron Jans and former Netherlands player Wim Jonk announced Depay, who was in Manchester overnight completing a medical, as the winner on Tuesday.
"Last year he was already very close, and now he's by far first. He's made tremendous progress," Cruyff said.
Depay added: "I'm proud of the fact that I'm not only top scorer, but also talent of the year."
In addition to the trophy, Depay will also have a 'Cruyff Court' - football pitches located all over the country - named after him.
PSV team-mate Georginio Wijnaldum was named the Eredivisie best player for 2014-15 earlier in the spring and has also been linked with a big summer move.
Depay will complete his move to United when the transfer window opens in June. The 21-year-old will pen a five-year contract in a deal which could rise to €43 million.