Having finished second in the V8 Supercars Championship yesterday, Lowndes accepted the medal at this evening's Gala Dinner at the Sydney Convention Centre, Darling Harbour.
Lowndes took the prestigious medal named after the late great Sheene for his all-round appeal with fans and the media, personality, leadership and his contribution to the sport. He also won the medal in 2005 and 2006.
Click here to have your say on the state of Australian motorsport and go into the draw to win a Kincrome Tool Armour Workshop valued at $11,999.
In the other awards, Whincup accepted his award as 2011 Champion, his third title in four years.
The 28-year-old TeamVodafone ace also picked up his Championship ring (awarded for the first time this year) as well as the traditional Australian Touring Car Championship from CAMS, while a range of other awards were handed out on the evening.
The inaugural V8 Supercar Champion Glenn Seton (1997 Champion) was inducted into the Hall of Fame for his contribution in the sport over many years.
V8 rookie Chaz Mostert was awarded the Mike Kable Young Gun Award after his outstanding debut in the Fujitsu V8 Supercars Series.
Long-time co-owners of V8 Supercars James Erskine and Basil Scaffidi received Appreciation of Service Awards, as did former Board member and Chairman of the Clipsal 500 in Adelaide Roger Cook.
Monster Energy Racing's Andrew Thompson won the Fujitsu V8 Supercar Series after a stellar performance at the Sydney Telstra 500.
The Clipsal 500, after a term of not being able to be awarded the Event of the Year, deservedly took the gong again for this year's event.
For coverage from the V8 Supercars Gala Awards Dinner, tune into V8Xtra on Channel 7 this Saturday December 10 at 12.00pm AEDT.
The 2011 Award Winners:
V8 Supercars Media Award: Ray Berghouse
Armor All Pole Position Award: Jamie Whincup
Armor All Best Presented Team: TeamVodafone
Privateers Cup: Jack Perkins
Fujitsu V8 Supercar Champion: Andrew Thompson, Triple Eight Race Engineering
Mike Kable Young Gun Award: Chaz Mostert
Most Improved Team Award: James Courtney, Toll Holden Racing Team Car #1
V8 Supercars Hall of Fame Inductee: Glenn Seton
Best Volunteer Group: L&H 500 Phillip Island
Event of the Year: Clipsal 500 Adelaide
Champion Manufacturer of the Year: Holden
Champion Team of the Year: Team Vodafone
Appreciation of Service: Roger Cook
Appreciation of Service: Basil Scaffidi
Appreciation of Service: James Erskine
Disney Award: Mark Winterbottom
Peter Brock Trophy: Garth Tander and Nick Percat
Barry Sheene Medal: Craig Lowndes
Second runner-up: Mark Winterbottom
Runner-up: Craig Lowndes
Champion: Jamie Whincup