The honor, named for legendary Chicago Bears running back Walter Payton, is the only league recognition acknowledging a player's off-the-field community service and playing excellence.
"I am extremely humbled to receive an award bearing Walter Payton's name. He embodied everything an NFL player should aspire to be on and off the field," Taylor said this week. "This is one of the more special moments of my career."
Taylor, the Dolphins' career sack leader (114) and six-time Pro Bowl selection, just completed his 11th NFL season.
He skipped last week's Pro Bowl because of a left foot injury.
In 2004, he started the Jason Taylor Foundation, which has a mission of creating programs that assist South Florida's children in need by focusing on improved healthcare, education and quality of life. The foundation has given $50,000 to Miami's Holtz Children's Hospital.