The Uruguay international, 27, topped the poll of 300-plus journalists with a victory over Anfield team-mate Steven Gerrard, the England captain.
Suarez's 30 goals have helped propel Brendan Rodgers' men towards a first championship in 24 years.
The Liverpool forward will be honoured with the prestigious FWA accolade, which has been running since 1948, at a gala dinner at the Lancaster London Hotel on May 15.
Suarez was last week also named Player of the Year by the Professional Footballers' Association.
FWA chairman Andy Dunn, of the Sunday Mirror, said: "Those members who have been fortunate enough to be working at a match involving Luis Suarez have witnessed an astonishing talent first-hand.
"Tireless endeavour allied to extraordinary imagination makes an irresistible combination. Add ingenious, impudent finishing and you have a footballer who truly quickens the pulse.
"Luis is a remarkably gifted addition to the long and distinguished list of winners of our award."
In a poll that saw 10 different players collect votes, Suarez collected 52 per cent of the overall vote, ahead of his club captain, Gerrard, with Manchester City midfielder Yaya Toure in third place.