Piastri joins compatriots Mark Webber (2006) and Daniel Ricciardo (2014) as Australian winners of the award this week when he received the prestigious honour in Italy.
It comes on the eve of the Emilia-Romagna Grand Prix at Imola, which takes place on May 16-18.
Named after Lorenzo Bandini and established in 1992, the trophy is not solely awarded on race results, rather, how success was achieved is taken into consideration.
Piastri was presented the award in Brisighella, just south of Imola.
At the ceremony, the Australian national anthem was played, prompting Piastri to joke that he hoped to hear it again in a few days.
“Hopefully that’s not the only time we hear the Australian anthem this week, so thank you all for being here,” said Piastri.
“It’s a real honour for me to receive this. It’s been very, very big for me.
“To meet some people where the Piastri family is from has been very special experience today, so I’m excited for this weekend.”
Other winners of the award include F1 champions Max Verstappen (2016), Nico Rosberg (2011), Lewis Hamilton (2010), Sebastian Vettel (2009), Fernando Alonso (2005), Kimi Raikkonnen (2004), Michael Schumacher (2003), Jenson Button (2001), and Jacques Villeneuve (1996).
This year will be just the second time Piastri has raced at Imola after the 2023 edition of the race was rained out.
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