The 29-year-old striker took the award as a clear winner ahead of team-mates Riyad Mahrez, who had already taken the Player of the Year award voted on by his fellow professionals, and N’Golo Kante.
Vardy has scored 24 goals for club and country so far this season as the Foxes close in on what would be a remarkable Premier League title triumph.
They will be crowned champions should closest rivals Tottenham fail to beat Chelsea on Monday evening.
In total seven Leicester players received votes in the FWA poll, with captain Danny Drinkwater, goalkeeper Kasper Schmeichel, defenders Wes Morgan and Danny Simpson also receiving votes.
Vardy will be honoured with the prestigious FWA accolade, which has been running since 1948, at a gala dinner in London on May 12.
Other players to receive votes from FWA members were Tottenham striker Harry Kane, West Ham playmaker Dimitri Payet, Manchester City duo Sergio Aguero and Kevin De Bruyne as well as Spurs midfielder Dele Alli.
Vardy said: “It’s a great honour to win such a prestigious award and to have my name added to a list of previous winners that includes some unbelievable players.”