Bonds, San Francisco's home-run hitting superstar, won the award for the third time in four years. He batted .362 with 45 home runs and 101 RBI this season. He also set a major-league record with 232 walks.
During the season, Bonds reached 700 home runs to join Aaron and Babe Ruth as the only players to reach that mark.
Ramirez, who batted .308 with Boston this year, also won the award in 1999 when he was with Cleveland.
The award was created in 1999 on the 25th anniversary of Aaron breaking Ruth's all-time home run record.