The 19-year-old, who was runner-up in the Formula Renault UK series this year, collected the award which has been previously won by David Coulthard and 2009 Formula One champion Jenson Button.
Button won the 2011 British Competition Driver-of-the-Year award after he finished runner-up in the Formula 1 World Championship and was presented with the gong by world road race champion cyclist Mark Cavendish.
The McClaren driver praised double Formula One world champion Sebastian Vettel and revealed the German's dominance of the sport is what pushes him to improve.
"The 2010 season was a new experience for me with a new team, and I feel I really improved the team in 2011 as we worked well together," Button told www.autosport.com.
"I've enjoyed myself, and after winning the title in 2009, I always said that would be the most important thing. It was a good year, but not perfect.
"One guy, Seb [Vettel] did an amazing job and we weren't able to beat him. The aim is to beat him next year."
Red Bull driver Vettel retained his title as International Racing Driver of the Year after he won his second successive Formula One title with three races to spare while Force India F1 driver Paul di Resta was named Rookie of the Year.
Dan Wheldon, the two-time Indianapolis 500 winner who died following a crash at Las Vegas Motor Speedway in October, was given a posthumous lifetime achievement which was accepted by his father Clive.