The 28-year-old, whose return of 1,754 runs at an average of 67.46 across all worldwide formats during that 12-month period was the most among all Australia players.
Smith, who had earlier been named Australia's Test Player of the Year for his dominant 12 months with the bat, won his first Border Medal in 2015.
Smith should win his second Allan Border Medal tonight in Melbourne with Perry set to claim her second Belinda Clark Award.
Among the eves, star all-rounder Ellyse Perry was crowned the Belinda Clark award for a second time, officially confirming her as Australia's best cricketer from the past 12 months.
Her 213no in November's Ashes Test is the third-highest women's Test score and an Australian record.
Danielle Willis channelled her inner Disney princess
Meanwhile, Ellyse Perry won the Belinda Clark Award for her fine showing past year with the double century in the historic Day-Night Ashes Test being the highlight. He scored six centuries from 19 innings.
Smith beat off competition from opening batsman and Test vice-captain David Warner as he secured 246 votes.
Warner was next on the Test runs aggregate - 420 runs behind him. Warner was awarded ODI Player of the Year for his terrific show in 2017, besting Smith by 6 votes to clinch the medal.
While Warner was no chance of becoming the first player to win three Border Medals in a row, he took out his second-straight worldwide one-day player of the year award and Aaron Finch claimed the global T20 category.
Each Test vote was worth six, compared to three for one-day and two for T20. George Bailey was awarded Male Domestic Player of the Year, while Beth Mooney took the Female Domestic Player of the Year award.
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