"I'm thrilled to be voted by my peers as the Player of the Year,” said Langer, who won over fellow nominees Jeff Maggert, Billy Andrade, Colin Montgomerie and Marco Dawson.
Lee Trevino and Hale Irwin each claimed the award three times.
“The Jack Nicklaus Award is a very meaningful achievement in my career, and to have now won it five times is certainly pretty special," the 58-year-old Langer said in a statement.
"There are so many great players on the Champions Tour and it has become so competitive. This honour is something I don’t take for granted.”
Langer, who had 13 top-10 finishes in 19 starts this season and finished in the top 10 at all five senior majors, also won the season-long Charles Schwab Cup as top tour points earner for a record third time after winning in 2010 and 2014.
The German vaulted into the top spot in the Cup race when he lost in a playoff to Andrade in the season's finale to overtake Montgomerie and Maggert in the standings.
Langer also won the Arnold Palmer Award as the tour's leading money winner for a record seventh time as he surpassed $2 million in season earnings for the seventh time and took the Byron Nelson Award as the scoring leader with a 68.69 average.
(Reporting by Larry Fine; Editing by Ken Ferris)
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