Bellamy won the award ahead of Michael Ricketts of Bolton and Liverpool's Steven Gerrard.
The part he has played in Newcastle's season so far was recognised last night in a ceremony at London's Grosvenor House Hotel.
"This has been a massive year for me and the icing on the cake would be if we qualified for the Champions League," he said after receiving the award.
Newcastle's goalkeeper Shay Given was also named in the PFA Team of the season.
Ruud Van Nistelrooy was named PFA Player of the Year, whilst Sunderland's Niall Quinn was honoured for his services to football with a special merit award.