The 25-year-old Starc was the unanimous choice of a select group of experts following his sensational form that helped guide his side to its fifth title in 11 tournaments.
The left-arm pacer averaged 10.18 with an economy rate of 3.50 runs per over. His best performance came against New Zealand in Auckland when he finished with six for 28. Kiwi pacer Trent Boult also bagged 22 wickets in nine matches.
During their deliberations, the members of the panel discussed several names, highlighting such players as New Zealand's inspirational captain Brendon McCullum and his team-mates Boult and Martin Guptill, as well as Kumar Sangakkara of Sri Lanka for his four consecutive centuries.
The selection panel that chose the player of the 50-over showpiece event consisted of: Geoff Allardice (ICC General Manager - Cricket), Andrew Alderson (Journalist, New Zealand Herald), Harsha Bhogle (Broadcaster), Richard Kettleborough (Member of Emirates Elite Panel of ICC Umpires and ICC Umpire of the Year 2014), Chloe Saltau (Journalist, The Age), Michael Vaughan (Former England captain and broadcaster).