The seven-year veteran from Miami-Florida was the AFC's top defensive player after his two tackles, two interceptions, one forced fumble, one fumble recovery and a 22-yard first quarter touchdown on a fumble return, helped the Ravens to a 24-10 win over the Washington Redskins.
It was Reed's fourth career weekly player honor and second this season.
To date this season, he has five of the Ravens' league-high 22 interceptions.
Other AFC honors went to Houston Texas quarterback Matt Schaub (offense) and Miami Dolphins placekicker Dan Carpenter (special teams).
Schaub completed 28-of-42 passes for a career-high 414 yards, two touchdowns, one interception and a 104.7 passer rating in a 24-21 win against the Green Bay Packers.
Carpenter, in his rookie season from Montana, made three of four field goals (50, 35, 27) in the Dolphins' 16-3 win over the Buffalo Bills.