The award was given out on the eve of the sixth edition of the Royal Trophy between Asia and Europe, which began yesterday.
"This is a massive recognition for something that I have absolutely loved to do for the past two decades," said Jeev who turned 41 today.
"This is one of the most prestigious awards in Asia Pacific region, but to be named alongside someone like Jack Nicklaus and Colin Montgomerie...It really doesn't get any better than this.
"Both Nicklaus and Colin have been great inspirations for me through everything they achieved in their sterling careers. And this award simply adds to my motivation to try and become even better and bring more glory to Asian and Indian golf."
The award for Jeev came in recognition of his achievements around the world, including four titles in Europe, four in Japan and six others on Asian Tour.
Overall, he has 19 international titles and has twice won the Asian Tour Order of Merit in a career that is almost two decades old. Jeev, son of India's legendary athlete Milkha Singh, turned professional in 1993.
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The honour was bestowed upon Jeev during the 13th edition of the Asian Golf Monthly Awards, widely regarded as the region's premier annual poll of golfing establishments in the Asia Pacific.
Montgomerie also received a Lifetime Achievement Award, while the inaugural Asia Pacific Golf Group Global Legacy Award was bestowed upon Jack Nicklaus.
The top Indian golf courses were also recognised and awarded. The DLF Golf and Country Club, Oxford Golf and Country Club and Eagleton Golf Resort were named the top three golf courses in India.