The 26-year-old, who signed permanently for Wednesday from Derby after joining initially on loan in January 2006, has scored 14 goals for Brian Laws' side this season, the highlight being his stunning Steel City derby winner at Bramall Lane in February.
Tudgay told the club's official website: "The goals I've scored mean everything, particularly the one against Sheffield United. That goal was a big statement in a big game with a big game atmosphere and to repay our fans with a goal like that was a major thing.
"I feel as though I've put in a good shift this season. I'm pleased with my performances, work-rate and achievements. I've played out of position, but I'm still playing, still on the team sheet. Now I want to keep going and keep building.
"I'm looking forward now, the chairman and the gaffer are talking about new additions and that can only improve us, so instead of being 12th we can kick on and move into the play-offs."
Goalkeeper Lee Grant scooped the players' player of the year award and defender Luke Boden was named the club's young player of the year.