Perry's 213 not out in November's Ashes test against England is the highest by an Australian woman and the third highest overall in Tests.
Smith and the Test team will leave for South Africa later this week, with the first Test starting in Durban on March 1.
Since Smith also won the Allan Border Medal back in 2015, he joins Ricky Ponting (2004, 2006-07, 2009), Michael Clarke (2005, 2009, 2012-13), Shane Watson (2010-11) and David Warner (2016-17) as multiple winners of the award.
During this phase, Steve Smith was the most productive batsman in Test cricket with 1,305 runs at an average of 81.56.
Smith amassed 1,754 runs in 24 Tests and one-dayers at an average of 67.46 during the voting period, from 8 January last year to 8 January this year.
Warner should win the global one-day cricketer award for the second straight year, but Smith scored a whopping 420 more Test runs than his opener.
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On Monday, Smith and Ellyse Perry dominated the major awards at Australian cricket's Allan Border medal night. George Bailey was awarded Male Domestic Player of the Year, while Beth Mooney took the Female Domestic Player of the Year award.
Smith is going to win the Allan Border Medal and Test player of the year - that's a given.
Western Australia pace bowler Jhye Richardson took home the Bradman Young Cricketer of the Year award, while Georgia Redmayne snapped up the Betty Wilson Young Cricketer of the Year award.
All-rounder Ellyse Perry won her second Belinda Clark Award for the best woman player and Warner was named top one-day player for the second year in succession. He said Australia's draw against India in the third Test at Ranchi and their Ashes draw at the MCG showed their fighting qualities.
"I think we have made some really big strides in those areas and the team is in a good place. For me, through the summer I probably wasn't hitting the ball as well as I have but my mind was in a fantastic place", Smith said.