Stewart died in a 1999 plane crash at age 42. The award goes each year to a player who exhibits his respect for the traditions of the game, his commitment to uphold the game's heritage of charitable support and his professional and meticulous presentation of himself and the sport through his dress and conduct.
This award means a great deal to the players on the PGA Tour, and I am truly grateful to be the recipient of the Payne Stewart Award," said Stricker. "I take great pride in being recognized for the values that the Payne Stewart Award stands for.
"I was fortunate enough to spend time with and compete against Payne and I watched how he handled himself on the course, with his fellow competitors, with the fans and volunteers. I hope that by leading by example, just as Payne did, that our younger players will follow in the traditions of sportsmanship, integrity and charitable efforts that he helped bring to our sport."
Stricker, 45, is heavily involved in several charities.
He also is the only player in tour history to win the Comeback Player of the Year award in consecutive years. Stricker has 12 PGA Tour titles, including nine since turning 40.