The skipper was the hot favourite to take the award following a year in which he played 24 global games across limited overs and Test cricket and scored 1754 runs at 67.46 with seven centuries.
In the voting window that spanned the period after the final Test of the 2016-17 summer to the end of the fifth Ashes Test against England last month, Smith polled a total of 246 aggregated votes split evenly between his Australia teammates (123) and umpires and media representatives (123).
Smith should win his second Allan Border Medal tonight in Melbourne with Perry set to claim her second Belinda Clark Award.
Smith, hailed as the country's finest batsman since Donald Bradman, polled 246 votes, well ahead of two-time medal victor David Warner (162 votes) and Nathan Lyon (156 votes).
He was recently named ICC Test Cricketer of the Year as well for scoring 1,875 runs, which included eight hundreds and five half-centuries, in 16 matches at an average of 78.12.
Her 213no in November's Ashes Test is the third-highest women's Test score and an Australian record.
Lyon's 62 wickets - the most by any Test player in world cricket during the voting period - made him a chance for the Test player category. Bailey scored 1,468 runs at a combined average of 52.43. Warner was awarded ODI Player of the Year for his terrific show in 2017, besting Smith by 6 votes to clinch the medal.
Warner, meanwhile, has been crowned Australia's best One-day International (ODI) player for the second successive year while Aaron Finch edged out spinner Adam Zampa and all-rounder Moises Henriques to be named Australia's T20I Player of the Year for the second time. George Bailey was awarded Male Domestic Player of the Year, while Beth Mooney took the Female Domestic Player of the Year award.
Also on Monday night, Ricky Ponting, Karen Rolton and Norm O'Neill were inducted into the Australian cricket hall of fame.