Lehman won the Allianz Championship in February, the Mississippi Gulf Resort Classic in April and the Regions Tradition in May. He amassed nearly $2.1 million in earnings, topping Mark Calcavecchia, who was second on the Champions Tour money list, by about $200,000.
Lehman is the first golfer to be named player of the year in the three tours affiliated with the PGA Tour. He was PGA Tour Player of the Year in 1996 and took the same honor on the Nationwide Tour in 1991.
"To prove yourself as the best player of the year at every level is very satisfying," Lehman said. "There are so many guys I respect and admire on the Champions Tour who had great years as well. We pushed each other week after week."
The Champions Tour also announced that Kenny Perry was selected tour Rookie of the Year. Perry had a win at the SAS Championship among his seven Top 10 finishes in 10 tournaments.
Chip Beck took the honor for Comeback Player of the Year, with four Top 10 finishes in 2011.