The 27-year-old was beaten to last season's award by former Tottenham winger Gareth Bale and was booed by some of his fellow professionals when his name was read out at last year's event.
Suarez missed the first four games of the season following his 10-match ban for biting Branislav Ivanovic last season but has gone on to score 30 Premier League goals in as many appearances this term.
It was that moment of madness which caused Suarez to mature and realise he must cut out his indiscipline in order to become a top player, according to his manager Brendan Rodgers.
"He is a brilliant talent. I think the supporters have seen him mature over the course of the last season," Rodgers said.
"I think he was in a real low moment after that game (against Chelsea last year), but he has gone away and probably looked in the mirror and reflected on himself because he is not that type of guy and it probably just spilled over.
"He is a really intelligent man who fits the values of this club, which is all about humility, class, and he has all of that.
"For me he is the consistently outstanding player over the course of the last year."
Suarez is one of a trio of Liverpool players up for the award, alongside strike-partner Daniel Sturrdge and club-captain Steven Gerrard.
Chelsea's Eden Hazard, Manchester City's Yaya Toure, and Southampton midfielder Adam Lallana are the other players in the running for the accolade.
Hazard and Sturridge have also been nominated in the Young Player category alongside the latter's teammate Raheem Sterling, Southampton's Luke Shaw, Everton's Ross Barkley and Arsenal's Aaron Ramsey.
Liverpool could make it a clean sweep at the awards on Sunday with Ladies trio Natasha Dowie, Nicole Rolser and Lucy Bronze shortlisted for the PFA Women's Player of the Year.
Bronze is also up for the Women's Young Player award alongside another Liverpool Ladies player, England Under-20 international Martha Harris.
PFA Player of the Year nominees: Eden Hazard, Steven Gerrard, Yaya Toure, Luis Suarez, Adam Lallana, Daniel Sturridge.
PFA Young Player of the Year nominees: Luke Shaw, Aaron Ramsey, Daniel
Sturridge, Ross Barkley, Raheem Sterling, Eden Hazard.
PFA Women's Player of the Year nominees: Lucy Bronze, Nicole Rolser, Kim
Little, Siobhan Chamberlain, Natasha Dowie, Jordan Nobbs.
PFA Women's Young Player of the Year nominees: Isobel Christiansen, Jordan
Nobbs, Danielle Carter, Martha Harris, Alex Greenwood, Lucy Bronze.