Parker won the award, which is voted on by a panel of experts and fans, slightly ahead of Serbian national team star Milos Teodosic.
Parker's successes in 2014 were achieved in a San Antonio Spurs jumper, whom the charismatic guard led to his fourth NBA title, a record for any European.
"It makes me really glad. This distinction rewards our great season with the Spurs that ended with the NBA Championship," expressed Parker upon learning of his latest achievement.
"To come back that strong after the loss we had in the last match against Miami in 2013, this is really amazing. We showed a style of basketball that was nearly perfect.
"Now I am a FIBA Europe Player of the Year for the second time in a row. It's a great honour to face players like (Dirk) Nowitzki, (Pau) Gasol and all the others from the Euroleague.
"I deeply thank all those who voted for me. I am proud to receive this trophy."
"With his second FIBA Europe Player of the Year Award, Tony Parker joins an elite club that includes Dirk Nowitzki, Pau Gasol and Andrei Kirilenko," FIBA Europe President Turgay Demirel said. "On the heels of his fourth NBA Championship with the San Antonio Spurs last year, 2015 will give Tony the opportunity to captivate basketball fans on the EuroBasket stage once more, this time in front of his home fans."
"Tony Parker is a fantastic ambassador for European basketball and once more a deserved recipient of this award," remarked FIBA Regional Director Europe Kamil Novak, before going on to say that, "he epitomises the team player, evidenced by his commitment to the French national team over the past decade and the fact his remarkable NBA career has been spent with one club."
Finishing third in the voting behind Teodosic was Parker's San Antonio and French team-mate Boris Diaw who, in addition to helping San Antonio to the NBA Championship, won a bronze medal at the 2014 FIBA Basketball World Cup.
Announced over the course of the past fortnight, it was also a case of back-to-back accolades for the Young Men's Player of the Year Award which was once more won by Croatia's Dario Saric. Spain dominated the women's awards with Alba Torrens winning the senior award and Angela Salvadores the young women's.