The former US Amateur Champion becomes the first American to take the award after finishing 14th in the Race to Dubai.
The 24-year-old claimed his maiden victory on the European Tour at the Madeira Islands Open in May and he must have been wearing his lucky golf clothing at the Wales Open and Alfred Dunhill Links Championship too, as he chalked up second place finishes at both events.
"It's an honour to win the Sir Henry Cotton Rookie of the Year award," said Uihlein.
"I wasn't expecting it, but it's been a great year and I'm very pleased. I think I'm the first non-European to win it, so that's a great honour. Any time you're the first of anything, it's neat."
"The win in Madeira was great and I had a lot of top 10s. The win opened a few doors for me and I was able to play at Wentworth (the BMW PGA Championship) the following week."
Uihlein joins a host of European Tour stalwarts who have won the award including Sir Nick Faldo (1977), Jose Maria Olazabal (1986), Colin Montgomerie (1988), Ian Poulter (2000) and Martin Kaymer (2007).
The American was originally scheduled to wear his golf clothing on the Challenge Tour, but switched to the European Tour after winning in Madeira.
"We heartily congratulate Peter on an outstanding season, during which he has thrilled golf fans and challenged for several titles," George O'Grady. European Tour chief executive, said.
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