In a tightly-run contest, Genia (18 votes) claimed the honour by a single vote ahead of Brumbies' Christian Lealiifano, Western Force's David Pocock and Reds team-mate Scott Higginbotham.
Genia now joins George Smith and Chris Latham as the only players to win the coveted award in successive years, and his triumph is sure to give Queensland something to smile about after their 30-17 defeat by the Sharks in last week's qualifier.
The Reds dominated the Australian awards, winning four of the five on offer.
In addition to Genia's achievement, Queensland were named team of the year while Ewen McKenzie was named coach of the year for a record fifth time.
McKenzie won the gong on three occasions while in charge of the Waratahs (2005, 2006 and 2008) and did so last year as the Reds swept all before them to win the Super 15 title.
Queensland also clinched the try of the year award for the superb team effort against the Rebels in round 16, which was finished off by Dom Shipperley.
Brumbies flyer Joseph Tomane was named the rookie of the year and Steve Walsh took away the referee of the year honour.