Smith played 63 Tests, 98 ODIs for New Zealand and has been a popular commentator.
Smith was presented with the medal in a virtual ceremony by NZC Chairman Greg Barclay, making him the latest entrant to the list of previous Bert Sutcliffe medal recipients, also including Walter Hadlee, Graham Dowling, Merv Wallace, John Reid, Ewen Chatfield and Sir Richard Hadlee.
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Smith played 63 Tests and 98 ODIs for the Black Caps after making his debut in November 1980 against Australia. The cricketer last played at the highest level during the 1992 World Cup co-hosted by the Trans-Tasman rivals.
After that, Smith moved on to commentary and media work. He was famously behind the mic during the culminating stages of the last year's thrilling World Cup final at Lord's.
"I'm so grateful," said Smith, while accepting the honour. "It makes me quite emotional actually to think about joining the list of people who have already won this award. The playing aspect was the realisation of a dream. I fondly remember the times keeping to Sir Richard Hadlee, watching Martin Crowe bat sides into submission and all the other guys playing their part as well."
"I've loved every minute of calling Test cricket. Brendon [McCullum's] 300 will live forever in my mind; Test wins at Lord's, Hobart, Ross Tayor's 290, the draw at Eden Park with so much drama against England, and of course the World Cup final at Lord's last year," he added.
"I dedicate this award to my wife Louise. Anyone who's been involved with touring and cricket will know you have to have a base and Louise has been fantastic the whole time. It's been a great journey and I wouldn't trade it for a second."
In another development, Wellington's Sophie Devine and Devon Conway were named women's and men's Twenty20 Super Smash players of the year, respectively, for playing key roles in their teams' title victories this season.
The next set of domestic-award winners will be announced by the NZC on Wednesday (April 29), followed by the international award winners on Thursday and Friday.
(Inputs from Cricbuzz)