Nevin was awarded the IRUPA Young Player accolade in 2011 and the IRUPA members, the players, believe it is a very fitting tribute to Nevin and his family.
Commenting on the announcement, IRUPA representative for Ulster Rugby, Rory Best said: "On behalf of IRUPA members, I welcome the dedication of this award in memory of our team-mate, friend and an outstanding young man.
"In 2011, Nevin was chosen by IRUPA members as their Young Player of the Year, displaying talent, strength and commitment, attributes that he carried with him everyday both on the playing field and in life.
"In his short career, Nevin had a very positive influence on Ulster Rugby, Ireland, his team, friends and family, his memory lives on with us every day and through this Award we know his influence will continue.
"I would like to thank the Spence family, Ulster Rugby, IRUPA and the IRFU for their support in dedication of this award".
The Nevin Spence Young Player of the Year Award will be presented at the Hibernia College IRUPA Awards which take place on Wednesday, May 8 at Dublin's Burlington Hotel.