Despite Celtic securing their 44th Scottish title with a 4-1 victory over Inverness on Sunday and reaching the last 16 of the Champions League, Lennon's players have been overlooked.
Michael Higdon, Andrew Shinnie, Niall McGinn and Leigh Griffiths are the players in contention, prompting the Celtic boss to speak out.
But Shiels insists the diverse shortlist is a true reflection of who has regularly performed well this season, as voted for by their peers.
"Celtic make a song and dance about everything, don't they? Paranoid FC," Shiels told the Daily Record.
"I think they deserve to maybe have one in with Kris Commons, who is a good shout, but I wouldn't get all paranoid about it.
"James Forrest was Young Player of the Year last season and he only played about 20 games. That's what's good about the PFA award, it's the players who vote and they're in a good position to judge.
"It's the players' thing, they deserve credit for how they vote. Paul McGowan and Steven Thompson have been fantastic this season but I don't see St Mirren boss Danny Lennon complaining.
"Certain managers are egotistical. I think the four nominees is a fair assessment of who's done well."