The Samoan winger, who recently signed a new contract to stay at Welford Road, topped the poll ahead of Shane Jennings, Dan Hipkiss and Martin Castrogiovanni.
Tuilagi has scored seven tries in 12 starts this season, including one with the last attack of the match at London Irish on Boxing Day which earned two bonus points in defeat, two in the home win over Saracens and one at the end of a rampaging run against Sale Sharks which earned Tigers a place in Sunday's EDF Energy Cup Final.
Tuilagi, who follows 2005/06 winner Sam Vesty as recipient of the members' award said: "The more games I play the more I improve and the more I learn, I think that is why I am doing well at the moment."
Castrogiovanni picked up the Best Newcomer award ahead of fellow nominees Marcos Ayerza, Jordan Crane and Frank Murphy.
The Young Player of the Season prize went to Crane in his first season since his move from Leeds Tykes. He held off the challenge of Tom Croft, Matt Smith and Tom Varndell.
Tigers skipper Martin Corry picked up the Outstanding Service award.
Tackle of the Season was won by Seru Rabeni for his big hit in the home game against Munster, and Try of the Season went to Geordan Murphy for his score in the momentous triumph over Munster at Thomond Park.
"The try was probably no better than any other we have scored this season," said Murphy, "but it was such a special occasion for everyone at the club. We had been told we couldn't go to Thomond Park and win but we went there and did it."
Members' Award winners 2006/07
Player of the Season: Alesana Tuilagi
Outstanding contribution: Martin Corry
Young Player of the Season: Jordan Crane
Newcomer of the Season: Martin Castrogiovanni
Try of the Season: Geordan Murphy (Munster away)
Tackle of the Season: Seru Rabeni (Munster at home)