The International Tennis Federation awarded its 2019 annual award to Australian Ashley Party and Spaniard Rafael Nadal at the end of the season that ended in the top spot in the women's and men's world rankings.
Barty, who retired from tennis in 2014 to practice cricket before returning back in 2016, became the first Australian to win the French Open title since Margaret Court in 1973 after defeating emerging Czech Marquita Vandrova in the final in June.
Barty, 23, also became the first Australian to top the women's world rankings since Yvonne Gulagong Kohli in 1976.
Barty also won the final championship title, and led her country to the Women's Cup final for the first time since 1993.
The player said in a statement that "my choice to win the International Federation award this year is a great honor for me. I am proud of my supporting team and what we have accomplished. I am longing for the start of the 2020 season."
Nadal won this award for the fourth time after he achieved a historic achievement by crowning the French Open for the 12th time in 2019, and the US Open title for the fourth time, in addition to helping Spain win the Davis Cup for the sixth time.
On Thursday, the Spanish player also received the Stefan Edberg award - given by the Professional Players Association - for the second time in a row, and the third overall.
The former world number one Andy Murray, who underwent thigh surgery last January, won the title of best player to return to the pitch this year, after he regained the spirit of success and won the European Open title last October.