The Australia full-back, who is certain to face the Lions in 2013, was presented with the Matthew Burke Cup after shining throughout the Super 15.
During his career in New South Wales, Beale has made 68 appearances and racked up 351-points.
Beale polled 247 votes to succeed 2010 winner, hooker Tatafu Polota-Nau (194), who won this year's Best Forward award.
Wallaby squad forward Dave Dennis (189) was the only player to top the polling in three matches.
Halfback Luke Burgess, who picked up the Best Back award and led the polling for much of the season, was fourth followed by Wallabies winger Drew Mitchell, who missed the last two months of the season through injury.
Votes were cast on a 3-2-1 basis by all members of the 22-man Waratahs match day squad.
Winger Tom Kingston, one of 12 Super debutants for NSW in 2011, was named Junior Waratah of the Year.
Stalwart centre Tom Carter received the Waratah Medal for on and off-field excellence