It is yet another honour for the Ibrox side that cruised to the Premier League title and are set to win it by a record margin over rivals Celtic.
Ferguson has now completed a prestigious double, having won the Scottish Professional Footballers' Association Young Player of the Year award last season.
He is the 11th Rangers star to take the accolade.
As the debate rages over the number of foreign players both north and south of the border, many fans will applaud the decision to present the award to a Scottish player for only the second time in the last seven years.
The 22-year-old international has proved himself a special talent in a Rangers side dominated by overseas talent.
Both the second and third placed players in the writers' poll - Rangers team-mate Giovanni van Bronckhorst and Celtic striker Mark Viduka - are not Scottish.
Viduka, an Australian, was named Scottish Professional Footballers' Association Player of the Year last week.
Ferguson is likely to celebrate winning the award with a starting place in Rangers' side to face Aberdeen in the Tennents Scottish Cup final at Hampden Park on 27 May.
He will be presented with the accolade at the 36th annual Football Writers' dinner on Sunday, 14 May at Glasgow's Hilton Hotel.