The 29-year-old Welshman beat then Newcastle defender Sebastien Bassong and Middlesbrough striker Tuncay Sanli into second and third places respectively.
Ironically, all three men have since left the region, Collins heading for Stoke in a £2.75million deadline day move and linking up with 27-year-old Tuncay days after his £5million switch to the Britannia Stadium.
Bassong, 23, had already left St James' Park for Tottenham as the relegated Magpies cashed in to the tune of £8million on one of their biggest assets.
Boro's Adam Johnson, who has enjoyed a fine start to the new season, has been named Young Player of the Year.
Collins and Johnson will be presented with their awards at the North-East FWA's annual dinner in Durham later this month, when Sir Bobby Robson's son Andrew will collect the John Fotheringham Award on behalf of the Sir Bobby Robson Foundation in recognition of the charity's work to fund cancer research.