Nevin died tragically in a farming accident along with his brother Graham and father Noel in September 2012.
The sudden deaths of the family members as they tried to save each other from a slurry pit made headlines across the UK, Ireland and beyond.
A memorial for the family was held at Ulster ground Ravenhill and a minute's silence was observed before games in the Aviva Premiership and the RaboDirect PRO12.
Ulster Rugby said Nevin was a "hugely talented and much loved member" of the team.
He represented the Province 42 times and a representative said "there is little doubt" he would have gone on to play for the Ireland senior team.
The award citation said: "Nevin's presence has been with the Ulster Rugby team throughout this season.
Although he is no longer here in person, his spirit continues to inspire and motivate each and every member of the squad.
Ulster winger, Andrew Trimble, was named Bank of Ireland Player of the Year and the Ulster Rugby Supporters Club's Outstanding Player of the Season.
Trimble has had one of his best seasons in an Ulster jersey, scoring 12 tries, a personal record for the winger for one campaign and won his 150th cap for the Province against Glasgow.
Iain Henderson, was named BT Young Player of the Year. The forward won his first cap for Ireland in the Autumn International series and has played a key role in Ulster's success.
Robbie Diack won the Belfast Telegraph Award for the Most Improved Ulster Player this Season.
Competition for places in the Ulster back row this season has been high, but in recent months, Diack has been one of the first names on the starting XV.
He scored vital tries against Scarlets, Zebre, Leinster and Cardiff and won his 100th cap against Cardiff.
Stuart Olding was named Hughes Insurance Ulster Rugby Academy Player of the Year.
The 20-year-old made his first senior start for his Province in February against Ospreys and has gone on to play ten more times, scoring four tries and winning two man-of-the-match awards.
In other awards, Ballynahinch RFC was named Kukri Sports, Club of the Year and Ashleigh Baxter won the inaugural Women's Player of Year.
The Harlequins player was a member of the Ireland team that won a Grand Slam and is also a member of the Sevens team bidding to make the Olympics in 2016.