Ulster winger Bowe, who scored on his first Ireland start against the US Eagles last November, become the youngest ever winner of the honour when picking up the award at Belfast's Ramada hotel.
Bowe, the first Monaghan native to line out for Ireland since the 1920s, said: "I'm stunned. This award caps a brilliant year for me. I have really enjoyed myself and hopefully we can go on to win more things with Ulster next season."
The former Royal School Armagh pupil has averaged a try every two games in the Celtic League this past season, bringing his overall tally with the province to nine in 24 appearances.
David Pollock, Ireland Schools' captain throughout their unbeaten run in 2005, was named as Renault Ulster Schools Player Of The Year. The Royal School Dungannon pupil also skippered the Ulster Schools side to their first Inter-provincial title in 15 years.
Other notable award winners on the night included: Kieran Campbell (Ulster Supporters Club Player Of The Year), Ballymena (First Trust Bank Club Of The Year) and City of Derry/Ulster Under-21 coach Gerald McCarter who claimed the Northern Bank Coach Of The Year award.