Vern Cotter's side were unbeaten at home during competition, beating Wales, Ireland and Italy at Murrayfield.
And Hogg, who seems certain to be one of the first names on Warren Gatland's British & Irish Lions team-sheet against New Zealand this summer, scored three tries in the opening two matches including a fine double against Ireland.
Express Sport Lions XV
Thu, March 23, 2017
Express Sport brings you our Lions XV that we think should take on New Zealand this summer
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Express Sport writers have picked their Lions XV to take on New Zealand
"To receive this award again is an absolute honour, particularly when you take other players on the shortlist into account," said Hogg.
"I'm delighted to be awarded [the trophy] and would like to take this opportunity to thank everyone who voted and the fans for their continued support throughout the championship."
Stuart Hogg has become Scotland's talisman during their resurgence under Vern Cotter
Stuart Hogg can expect to make his Test debut for the Lions in New Zealand this summer
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Ireland flanker CJ Stander came second, amassing almost 15 per cent of the votes, while France No 8 Louis Picamoles came third.
Hogg is the second player to have collected the gong on two occasions with Ireland legend Brian O'Driscoll having won it in 2006 and 2007.
It puts the 24-year-old in line for his first Lions cap although he did tour Australia with the team four years ago as the youngest member of the squad, appearing in five tour games and scoring 23 points.
The 24-year-old will still have a nervous wait before Gatland announces the Lions squad on April 19, although omitting the Scot seems unthinkable given his form.
However, he will also hope to avoid injury in Glasgow Warriors closing matches of the Pro 12 season as they push to secure a top-four spot and a place in the play-offs.