The Spain international made the top-flight selection alongside Stamford Bridge colleague Eden Hazard.
The pair were also shortlisted for the PFA Player of the Year award, which ultimately went to Tottenham Hotspur's Gareth Bale.
Mata believes the Welshman was a worthy winner - as he also scooped the Young Player of the Year prize - and is honoured to have seen his efforts this season recognised by his peers.
"Of course, congratulations to Gareth Bale for being named player of the year and young player of the year," Mata wrote on his blog for Grada360.com.
"He's a superb player with amazing skills and he's only 23 years old."
He added: "I feel very proud and grateful about my nomination and for being part of the Premier League team of the year."
Mata is also delighted to have helped Chelsea to a 2-0 victory over Swansea City on Sunday, with the 25-year-old celebrating his birthday in style as the Blues returned to third place in the Premier League table.
"I couldn't have thought about a better way to celebrate it than a victory and the company of my family and friends," he continued.
"We managed to beat a competitive Swansea, a team with some friends of mine like Pablo [Hernandez] and Michu.
"[They are] three key points in our aim to be in the next Champions League, even more after Arsenal and Tottenham's draws [against Manchester United and Wigan Athletic respectively]."