Glass, who won his third club champion award after an outstanding season that saw him named at full-back in the All Australian team, tied with Priddis on 398 votes but won outright because he played one less game.
Under the club's voting system, five members of the West Coast match committee mark each player on a 5-4-3-2-1 basis, with Glass recording a higher average vote after missing the team's round-21 win over Melbourne.
Priddis, who played all 25 games, finished runner-up for the second straight year after an ultra-consistent season that saw him lead the AFL for contested possessions (average 14.5).
Glass, who led West Coast from last place and into a preliminary final this year, described the win as bittersweet and said he was sure Priddis' time would come.
"I can't help but feel for 'Pridda', he was so close last year and a great team player and so consistent," Glass said.
"Any one of four or five players would have been a deserving winner, and that's partly to do with why we played so well.
"I feel extremely lucky and very humbled."
Champion ruckman Dean Cox finished one vote behind Glass and Priddis in third place, capping a triumphant return from career-threatening groin and abdominal injuries.
Only Ben Cousins and Glen Jakovich, who each won four Club Champion awards, are now more decorated Eagles than Glass, who stamped himself as one of the club's great players.
The 30-year-old, who adds to his triumphs of 2007 and 2009, secured his third Club Champion award with a brilliant September that saw him named the Eagles' player of the finals for the second time (following 2007).
Friday night's award justified the Eagles' decision to continue with Glass as captain in 2011 and he said he was prepared to lead the club again in 2012, the last year of his contract.
"It (the captaincy) is not really mine to give away or to keep, that's decided each year by the player group," Glass said.
"We'll follow the same process we did last year where the players will vote, the match committee will have their say, and the captain will be decided from there.
"If the club and the players think I'm the best option, then that's the way we'll go.
"This is the last year of my contract [and] I've got to treat it like it's my last year, but hopefully it's not. I want to play for as long as I can."
Defender Shannon Hurn finished fourth on Friday night with 374 votes, with third-year midfielder Luke Shuey, who was runner-up in the prestigious NAB AFL Rising Star award, fifth on 359 votes.
Shuey had played just six games entering 2011 and also collected the Rookie of the Year award.
Adam Selwood, who was awarded life membership after playing his 150th game in round 19 against the Western Bulldogs, finished sixth on 342 votes.
Seven of the Eagles' top-10 placegetters played every game in 2011, with Nic Naitanui (seventh) and Andrew Embley (eighth) the only others alongside Glass to miss games in the club's brilliant resurgent season.
Re-born forward Mark Nicoski (333 votes) and shutdown specialist Scott Selwood (332) rounded out the top 10.
Premiership defender Brett Jones, who recently announced his retirement after 102 AFL games, won the Chris Mainwaring Medal as best clubman.
Top 10
Darren Glass 398
Matt Priddis 398
Dean Cox 397
Shannon Hurn 374
Luke Shuey 359
Adam Selwood 342
Nic Naitanui 338
Andrew Embley 333
Mark Nicoski 333
Scott Selwood 332
Key award winners
Club Champion: Darren Glass
Runner-up Club Champion: Matt Priddis
Outstanding Player (third): Dean Cox
Outstanding Player (fourth): Shannon Hurn
Outstanding Player (fifth): Luke Shuey
Chris Mainwaring Medal (best clubman): Brett Jones
Leading Goalkicker: Josh Kennedy (59 goals)
Rookie of the Year: Luke Shuey
Life Members: Adam Selwood, Richard Godfrey, Glenn Stewart
