Major League Baseball announced the honors Wednesday.
Carrasco was diagnosed with chronic myeloid leukemia in May and missed months of action while undergoing treatment. The Indians pitcher returned to the team as a reliever in September.
Carrasco, 22, posted a 5.29 ERA and 6-7 record in 23 appearances during his 2019 campaign. He also won the 2019 Roberto Clemente Award, an honor given to recognize players for high character, community involvement and helping others.
Carrasco and wife Karry shop, cook, box and distribute 500 lunches to the homeless every other Sunday in the off-season. They donate two $10,000 scholarships annually to single mothers and have distributed clothing and school supplies to children in Africa.
Carrasco also has donated toys, money and medical supplies to people in Venezuela, his native country.
Donaldson won National League honors. The star infielder was limited to 52 games in 2018 due to injures but hit 37 home runs and had 94 RBIs this past season for the Braves.
The 2015 American League MVP signed with the Braves as a free agent after splitting his 2018 campaign with the Toronto Blue Jays and the Indians.