Clark pipped the likes of Swindon's Danny Wilson, Colchester's Aidy Boothroyd and Kenny Jackett of Millwall to the prize.
It is the second time this season Clark has won the award as he also claimed the November gong last year.
Alan Curbishley, chairman of the Coca-Cola Manager of the Month Awards panel, commented: "Lee Clark's Huddersfield maintained their play-off push with an excellent run of results in February.
"Their late equaliser against local rivals Leeds helped to preserve their unbeaten home league record and ensured promotion to the Championship remains firmly in the Terriers' sights."
Meanwhile, Millwall striker Neil Harris won the League One Player of the Month award for February, seeing off the challenge of Ian Harte of Carlisle, Lee Barnard of Southampton and Swindon's Billy Paynter.