The 'Rory McIlroy Award' will recognise the DP World Tour player who performs best across golf's four major tournaments each season.
McIlroy achieved a career grand slam in April by winning the Masters, becoming the first European and sixth golfer in history to do so.
McIlroy will not be eligible for the new award, but said having it named after him was a “huge honour” and “humbling”, while noting the DP World Tour's significance to his career.
McIlroy is due to compete at the season-ending DP World Tour Championship later this week and leads the overall Race to Dubai standings.