Patel, 36, took 102 wickets in all formats for the Bears in 2016, which included 69 in the County Championship.
The New Zealander took four five-wicket hauls in the Championship, including two in one game against Surrey in July with career-best figures of 10-123.
He also took 22 wickets on the way to helping his side win the One-Day Cup.
The spinner, who has not played for his country since January 2013, has now earned a recall for the remainder of New Zealand's Test tour of India, following an injury to fellow off-spinner Mark Craig.
Patel who also weighed in with 298 Championship runs, has now taken more than 50 wickets in a season in four-day cricket for five straight seasons, but this season's tally of 69 is his best.
Warwickshire off-spinner Jeetan Patel has won the Professional Cricketers' Association (PCA) Most Valuable Player award for a second time.