Djokovic, who won three Grand Slam titles this year, will receive the ATP World Tour No. 1 award for the second straight year and fourth time overall. He has been ranked No. 1 since July 7, 2014.
Federer has been selected by his peers as winner of the Stefan Edberg Sportsmanship Award for the 11th time. He also gets the fans' favorite award for a 13th straight year.
Djokovic and Federer will be playing in the ATP World Tour Finals, starting Sunday in London.