Halfpenny was on form with the boot down under and notched 114 points on tour - 49 in three test matches - as the Lions claimed a 2-1 win.
And the 24-year-old was recognised this week, pipping world triathlon champion Non Stanford and double cycling world gold medallist Becky James to the annual prize in Cardiff.
"What a year it has been and to receive this award is a huge honour and to be added to a list of such Welsh talent is a real privilege," he said.
"It has been a dream of a year and I could not have wished for it to have gone better.
"I have been very fortunate to have been part of some special teams like Wales and the Lions.
"To win the Six Nations again was magical in the style we did especially after the run of games we had before coming into the tournament.
"To lift the trophy after defeating England at the Millennium Stadium was a real highlight and one of the best games I have been involved with.
"To then go to Australia and be part of a winning Lions tour that had not been achieved a series victory in 16 years means it does not get much better than that."
Welsh rugby completed a triple crown of sorts at the awards, with the Six Nations-winning side lifting the Team of the Year trophy.
And head coach Warren Gatland, who also took charge of the Lions down under, was named Coach of the Year.