The 29-year-old Egypt international is the Premier League's top goalcorer and top assist provider this season.
Salah has scored 22 goals and laid on 13 assists for his teammates while he has found the back of the net 30 times in all competitions.
Salah saw off competition from closest challengers Kevin De Bruyne and West Ham United's Declan Rice to win the award for a second time; his first triumph coming in 2018.
Salah's goals have helped Liverpool challenge at the top end of the table as they sit just a point behind leaders Manchester City with five games to go.
The Reds are also on the cusp of making the Champions League final while they will meet Chelsea in the FA Cup final next month, having already secured the Carabao Cup.
Manchester City defender Ruben Dias won the award last season.
In the Women's edition, Chelsea striker Sam Kerr came out on top.
FWA chair Carrie Brown has told the organisation’s official website of two deserving winners: “Both Mo and Sam have been outstanding this season, breaking records for both club and country. As well as their performances on the pitch, they are leaders and standard bearers of excellence at their clubs and respective leagues.
“The fact they have won by such convincing margins underlines just how impressive they have been this season which has been recognised by our members.”
Salah will formally be presented with his prize on May 5.
