The Melbourne halfback and the Cowboys forward have shared the award, the first time that has happened.
Jonathan Thurston won the top honour in 2015.
Canberra coach Ricky Stuart won the Dally M coach of the year gong, while Canberra skipper Jarrod Croker won captain of the year and the Provan Summons People’s Choice award.
Gold Coast halfback won Rookie of the year and Dragons forward Joel Thompson received the Ken Stephens Medal.
Smith was named representative player of the year.
Cronulla youngster Jayden Brailey won Under-20s player of the year.
Anthony Milford won the Peter Frilingos Headline Moment of the year.
Female Player of the Year: Kezie Apps
Team of the year:
Five-eighth of the Year: James Maloney (Cronulla-Sutherland Sharks)
Lock of the Year: Jason Taumalolo (North Queensland Cowboys)
Top Try Scorer: Suliasi Vunivalu (Melbourne Storm)