Wood beat Northampton team-mate Brian Mujati into second place with Saracens hooker Schalk Burger third.
It was a successful evening all round for Northampton, with Jim Mallinder beating Saracens' Mark McCall and Exeter's Rob Baxter to be named QBE Director of Rugby of the Year.
The Land Rover Discovery of the Season award - for players under the age of 21 on the day of the Premiership final - went to Leicester centre Manu Tuilagi, with Saracens fly-half Owen Farrell in second place.
Wood has played a key role in the Saints' march to the Premiership semi-finals, where they face Leicester on Saturday, and the Heineken Cup final.
The 24-year-old suffered a hairline fracture of his right fibula against Gloucester on April 19 but is hopeful a scan later this week will clear him for the climax to Northampton's season.
Wood started every game in England's Six Nations title-winning campaign after making his debut against Wales and he is set for a place in Martin Johnson's World Cup squad.
"I've definitely enjoyed my time at the Saints," said Wood, who moved to Franklin's Gardens from Worcester last summer.
"It couldn't have gone much better really
"'I knew I had a challenge to establish myself as a Saints player, especially with the quality players that we have in the back row, and everything else has been a bonus.
"I certainly had no hesitation in signing a new contract. Hopefully we can finish the job this season and then build on that to bring more success to the club in the next few years."
The MBNA Try of the Season was awarded to Schalk Brits for his effort against Gloucester while his Saracens team-mate Hayden Smith was presented with the Aviva Community Player of the Season award.
Exeter's successful debut season in the Premiership was rewarded with lock Tom Hayes named captain of the ESPN Dream Team, selected by former England internationals Austin Healey and Ben Kay.
Hayes' Chiefs team-mate Tom Johnson won the Gatorade Performance of the Season Award for his role in Exeter's victory over Sale Sharks in November.
Newcastle fly-half Jimmy Gopperth collected the Gilbert Golden Boot award for the second year running for his personal tally of 230 points, with 215 of those coming from the boot at a success rate of over 80%.
Leicester wing Alesana Tuilagi joined his brother on the rostrum after being named as the Guinness Top Try Scorer of the Season with 12 tries.
Saracens scrum-half Kevin Barrett was named the inaugural J.P. Morgan Asset Management Premiership Rugby 7s Series Player of the Season.
ESPN Dream Team: M Brown (Harlequins); D Strettle (Saracens), M Tuilagi (Leicester Tigers), A Allen (Leicester Tigers), C Ashton (Northampton Saints); J Gopperth (Newcastle Falcons), D Care (Harlequins); S Tonga'uiha (Northampton Saints), S Brits (Saracens), B Mujati (Northampton Saints), C Lawes (Northampton Saints), T Hayes (Exeter Chiefs, capt), T Wood (Northampton Saints), J Burger (Saracens), T Waldrom (Leicester Tigers).
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