Brady, 32, playing for the first time since a season-ending knee injury against Kansas City in Week One of 2008, completed 39-of-53 passes (73.6 percent) for 378 yards, two touchdowns and one interception in a 25-24 victory against the Buffalo Bills Monday night.
He rallied the Patriots from a 24-13 deficit with two touchdown passes in the final two minutes.
Other AFC honorees were New York Jets linebacker David Harris (defense) and Pittsburgh place-kicker Jeff Reed (special teams).
Harris made a team-high 12 tackles with one sack in the Jets' 24-7 road win at Houston.
Reed's 33-yard field goal gave the reigning Super Bowl champions a 13-10 overtime victory against the Tennessee Titans.