The 16-year-old winger made history in his breakthrough season, becoming the Gunners youngest ever starter in the league in a 5-0 win over Leeds at 15 years and 235 days.
The attacker went on to become the Premier League's youngest ever goal scorer following his strike in the 2-0 win against Everton in March.
According to a statement on the club website, Dowman's latest award 'recognizes the outstanding impact that a player has made during their breakthrough season and the milestones they have achieved along the way.'
He has made nine appearances for the North London club this season, scoring one goal while providing one assist.
Dowman will be hoping to end the season with two titles to his name with the Gunners leading the Premier League table with two matches to go while also being in the UEFA Champions League final against Paris Saint-Germain.