The Tigers centre was recognised by the Tigers squad at an awards dinner in the Caterpillar Stand at Welford Road on Wednesday night.
Player sponsors and 1880 Club guests joined the Tigers squad for the event, which was supported by Aurum Holdings and IWC.
Allen, who has been in outstanding form for Tigers, won the vote ahead of team-mate Thomas Waldrom.
The 24-year-old, who has made more than 50 appearances for Tigers since his move from Gloucester, received an IWC Big Pilot Watch as his prize, presented by IWC national sales manager Jonathan Sharkey and Aurum Holdings chief executive Justin Stead.
“It is a special moment when you win something voted for by your team-mates,” said Allen. “The club has been great for me. You never know what it is going to be like when you move somewhere new but thankfully for me it has worked out really well.”
Manu Tuilagi, who has partnered Allen at centre for much of his first season, pipped Steve Mafi to the Young Player Award and a Tag Heuer watch.
Aurum Holdings chief operating officer Tony Broderick also made a special presentation to Tonga international Mafi, who has made such an impact in his first season at Tigers.
The watch he won as part of Goldsmiths' Player of the Month sponsorship earlier in the season was among the personal possessions he lost in a burglary recently and Goldsmiths stepped forward to present him with a replacement.
“I would like to thank Goldsmiths for their generosity and my team-mates and the Tigers staff for their support”, Mafi, 21, said.