The towering lock, who earned his 101st cap in Ireland's final match against Scotland, secured more than 25 percent of the public vote which was part of the process to select the standout player.
"I'm delighted to receive the RBS Player of the Championship Trophy. When you see the names that have gone before, you realise what a great honour it is," O'Connell said in a statement.
"I'm very grateful for all the supporters who voted for me."
O'Connell topped a 12-man shortlist based on statistics from performances throughout the tournament.
Wales lock Alun-Wyn Jones came second, Ireland centre Robbie Henshaw third and Wales flyhalf Dan Biggar fourth.
Italy number eight Sergio Parisse and England scrumhalf Ben Youngs completed the top six.
Ireland retained the title on points difference after a compelling final day in which they, Wales and England vied for top spot.
(Reporting by Martyn Herman, editing by Ed Osmond)
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