Arsenal produced their latest impressive display by beating Cardiff 3-0 in the Premier League on Saturday, with Ramsey grabbing two goals against his boyhood club.
The brace took Ramsey's tally to 15 goals for club and country this season and the calibre of the Welshman's displays have made him arguably the form player in the top flight.
"He has been outstanding until now. You want always to jump into the future but we have to enjoy the present," said Wenger.
"If he keeps playing like that, of course (he will be player of the year), but it has only been a third of the season."
He added: "I have to treat him like the other players and give him a breather when he needs it. I want him to continue to develop, but he is so young you imagine why should he stop his development now?
"Let's not forget that one year ago everyone questioned him. That shows you that he deserves credit for that - he has turned a corner and he can continue to improve."
Arsenal keeper Wojciech Szczesny has also been amazed by Ramsey's performances for the Premier League table-toppers.
Szczesny added: "We're so pleased for him. He's been through a lot, he's come back so well and I just hope he continues. Is he the best in the league? I don't care as long as he does the job for the team.
"I'm just as amazed as everyone else. We always knew that he could play well but to score as many as he has, any striker would be delighted with that. He's been so good."