Unbeaten Frankel looks set to open his 2012 campaign in the Lockinge Stakes at Newbury on 15 May.
The colt, trained by Sir Henry Cecil and owned by Khalid Abdullah, was the first equine winner of the President's Award at the Horserace Writers and Photographers' Association Awards.
Cecil won Flat trainer of the year and Abdullah owner of the year.
Jump trainer of the year went to an emotional Donald McCain, while Tony McCoy won the jump jockey of the year.
Sylvestre De Sousa was named flat jockey of the year.
McCain, son of four time Grand National winning trainer Ginger McCain, enjoyed his first National victory with Ballabriggs in April.
Three-year-old Frankel has won all nine of his races to date, including victories in the 2,000 Guineas, the St James's Palace Stakes, the Sussex Stakes and the Queen Elizabeth II Stakes in 2011, and Cecil said: "Good horses make good trainers."
Teddy Grimthorpe, Abdullah's racing manager, said of Frankel's possible 2012 campaign: "The plan is to start off at Newbury in the Lockinge, possibly, then Royal Ascot, the Eclipse and the Juddmonte and see how we go.
"It's been unbelievable. The horse, Henry and the team, it's been a joy."
The late Newmarket trainer Michael Jarvis, who died aged 73 in September, was honoured with the Ennor Trophy for Outstanding Achievement.
Lee Mottershead of the Racing Post was crowned journalist of the year, Mel Fordham won photographer of the year, and broadcaster of the year went to Nick Luck of Racing UK and Channel 4.