Evans earned the honors largely because of the second of his two dunks, which he executed with the help of teammate Gordon Hayward.
Hayward, while sitting in a chair, tossed two balls high above his head. Evans leaped over him, caught both balls and slammed each home in a spectacular display.
Evans was added Wednesday as a replacement for injured New York Knicks guard Iman Shumpert.
The other three participants in the NBA All-Star Weekend event in Orlando, Fla., included Indiana Pacers forward Paul George, Minnesota Timberwolves forward Derrick Williams and Houston Rockets forward Chase Budinger.
Love also had to go to a tiebreaker to defeat Miami's Mario Chalmers in the first round of the contest.
In the Skills Challenge, San Antonio Spurs guard Tony Parker took the event with a time of 32.8 seconds while navigating a course that included dribbling, shooting and passing obstacles.
He edged Boston's Rajon Rondo and Deron Williams of the New Jersey Nets in the final round.
And in the Shooting Stars competition, former NBA New York Knicks star Allan Houston teamed with current Knick Landry Fields and Cappie Pondexter of the WNBA's New York Liberty to defeat Team Texas.
The latter squad included former Houston Rockets guard Kenny Smith, current Rocket Chandler Parsons and Sophia Young of the San Antonio Silver Stars.