The 32-year-old right handed batsman was also named as Australia's Test and one-day international player of the year at an awards night at Crown Palladium.
Ponting was the runaway winner of the Allan Border Medal after amassing 1115 runs at an average of 74.33 in the 10 Tests and 864 runs at 45.47 in 22 ODIs in the 12-month voting period.
The Tasmanian, who led his side to a 5-0 series whitewash against England to reclaim the Ashes Australia famously lost in 2005 besides winning the Champions Trophy in India last year, was voted the ICC's player of the year for 2006.
Ponting won the Allan Border Medal in 2004 and 2006 and is the only multiple winner of the award.
Glenn McGrath (2000), Steve Waugh (2001), Matthew Hayden (2002), Adam Gilchrist (2003) and Michael Clarke (2005) were the other past winners.
Mike Hussey finished second in this year's poll for the Medal with Shane Warne third in his final year before retirement.
Warne, who was given a video tribute on the occasion, had never won the Medal.
Ponting pipped Andrew Symonds in the limited overs category (20 votes to 18) and headed Warne (12 votes to 10) in the Test category.
Promising West Australia opener Chris Rogers was named the 'State Player of the Year' in the domestic competition while Tasmanian fast bowler Ben Hilfenhaus won the 'Young Cricketer of the Year' award and Lisa Sthalekar was voted 'Women's International Cricketer of the Year'.
Meanwhile, former captain and now commentator Richie Benaud and Charles Macartney, who died in 1958, were inducted into the Hall of Fame.