When the league formed two conferences in the season of 1974 â `` 75 , the award was transferred to the team that finished with the best regular-season record in the Wales Conference . Starting with the 1981 â `` 82 campaign , when the league changed its playoff format so that the two teams meeting in the Stanley Cup finals could no longer come from the same conference , the trophy was presented to the Wales Conference playoff champions , and since the 1993 â `` 94 season , the Eastern Conference playoff champions have won the award . When the league formed two conferences in 1974 , the cup transferred to the team that finished with the best regular season record in the Wales Conference , until 1981 , when the NHL changed its playoff format so that the two teams meeting in the Stanley Cup finals could no longer come from the same conference , and the Prince of Wales Trophy was presented to the Wales Conference playoff champions .