Zola guided his side to four wins and a draw from their five matches during the month to put them into contention for automatic promotion spot.
Barnsley boss David Flitcroft and Dougie Freedman of Bolton, who Watford beat 2-1 at Vicarage Road on 2 February, were the other nominees, but Zola got the nod from the panel.
Cardiff striker Fraizer Campbell was named Championship Player of the Month after he scored all of his side's goals in February.
Campbell only joined the Bluebirds from Sunderland during the January transfer window but he made an immediate impact by coming off the bench to score the winner with his first touch of the game in the 1-0 win over Leeds.
He went on to score both goals in the 2-1 win over Bristol City and bagged another brace in the 2-1 victory at Wolves on 24 February.
John Hughes was rewarded for his endeavours in giving Hartlepool hope of survival by securing the manager plaudits in League One.
Hartlepool are still in the relegation places but 14 points from a possible 18 in February have boosted their chances of remaining in the division.
There was double joy for the Victoria Park faithful, after Pools skipper Peter Hartley was named player of the month for the division, with the centre-back scoring two crucial goals during the month.
Burton also enjoyed double success in League Two, where manager Gary Rowett was named manager of the month and midfielder Jacques Maghoma was chosen as the division's top player for February.
Four wins and a draw in five league games in February ensured the Brewers retained their place in the automatic promotion positions, scoring 16 goals in the process.
Maghoma was central to Burton's success during the month, with the DR Congo international scoring four goals, including a stunning curler into the top corner in the 4-2 victory over Exeter.