The United midfielder has enjoyed another outstanding campaign having scored 38 goals in all competitions.
The 23-year-old beat off competition from Fernando Torres, Steven Gerrard, Cesc Fabregas, Emmanuel Adebayor and David James to land the prize.
Arsenal midfielder Fabregas was named Young Player of the Year - an award which Ronaldo also won in 2007 - at a star-studded ceremony on Sunday night.
Ronaldo did not attend the event in person but was shown on screen accepting his trophy from United manager Sir Alex Ferguson at the club's Carrington training ground.
Ronaldo said: "I feel very happy. When you work all season to play good, to do something for the team, to do your contribution for the team and then at the end of the season the PFA give you this award, it is a great moment, it is an honour, a pleasure.
"It is a great motivation to carry on like that, to work more and get better.
"I feel very good but it is not just my award, my team-mates have helped me a lot this season.
"They give me good passes to score goals - and I score - but it is a good moment for me."
Improved
Ronaldo, who joined United in a £12.24m move from Sporting Lisbon in 2003, feels he has improved considerably during his time at Old Trafford.
As well as scooping both PFA awards last year he came third in the FIFA World Player of the Year poll and he is looking forward to achieving even more success, individually and collectively, with United in future.
The Portuguese star added: "I am sure I am a better player than four or five years ago. Than last year? I have improved a little bit better still.
"This is my ambition to learn more and play better and I think I am in the right place. I want to carry on and this for me is a good moment to stay at the club and play at the best level.
"I look forward to Tuesday against Barcelona, it is the biggest game of the season in my opinion. If you win you are in the final.
"It is a good motivation for me, for my colleagues, for my friends, everyone. I hope to win and the two league games are very important as well, if you win you are champions as well."
Ronaldo admits his own vote for the top award went to Arsenal striker Adebayor, the Togo international who has netted 27 this term.
He said: "I voted for Adebayor because I think he has had a great season as well.
"But you have many players who have had a good season - Torres, Fabregas, many players. But I think I deserve to win!"
United had three players in the team of the year, with Rio Ferdinand and Nemanja Vidic joining Ronaldo.
Former Bolton boss Jimmy Armfield received the Merit award.
Team of the year: David James (Portsmouth), Bacary Sagna (Arsenal), Rio Ferdinand (Utd), Nemanja Vidic (Utd), Gael Clichy (Arsenal), Steven Gerrard (Liverpool), Cesc Fabregas (Arsenal), Cristiano Ronaldo (Utd), Ashley Young (Aston Villa), Emmanuel Adebayor (Arsenal), Fernando Torres (Liverpool).
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Robbo, North Stand (28/04/2008 at 09:28)
RCH, Salford (28/04/2008 at 09:42)
Heno (28/04/2008 at 09:42)
Mr C., Chorlton, Manchester. (28/04/2008 at 09:48)
I'm so glad you are one of ours! Give Barca hell on Tuesday and we're there! Bring it on!
Demo, Glossop (28/04/2008 at 09:51)
edinburgh red, edinburgh (28/04/2008 at 10:08)
Jack Thorley Trafford, Trafford (28/04/2008 at 10:09)
VALTINHO, LISBON (28/04/2008 at 10:56)
I hope together with personal awards he can celebrate both United's and portugal's team's awards.
Will be a great match against Barcelona but I believe that United will make it to the final. Just need to show courage and play Anderson, Nani and OH. United needs to have top quality in the middle. Carrick is not good enough. Fletcher plays one good game per year and I wouldn't bet on him. Scholes can be a player to make the difference if gets his act together. I think United will start carefully with a 4-3-1 and I could understand that because of Barcelona's talent in the midle of the field but please don't allow them to take over otherwise United will be punished. Good luck, guys.
The Right to Reply (28/04/2008 at 10:59)
shola-shoneils, Finland (28/04/2008 at 16:43)
Duffer, NJ via Dublin (29/04/2008 at 18:05)
Ronnie is special. I would still like to see less petulance from him when he doesn't get his frees/pennos but maybe thats the price of brilliance.
I also would wish he didn't predict scoring in tonight's match, as the papers will go to town on him if he doesn't and we go out. Eamon Dunphy would just love that, the battered sausage.....