Pendlebury received 456 total votes from his peers to finish in front of Gold Coast's Gary Ablett (389) and behind 2011 winner Carlton's Chris Judd (1347).
The star Magpie has enjoyed a career best season averaging 29.0 disposals per match to rank him seventh in the competition. His use of the footy has been superb hitting an intended target 78.7 percent of the time, to rank first in the top 10 accumulators in the competition.
Pendlebury also averaged career highs in goals (1.1), tackles (6.1) and clearances (5.0) per match.
Every listed player in the AFL gets to vote three, two and one for the award, from a choice of 48 players. The MVP Awards are the only peer-voted award in the AFL and recognise versatility, the ability to play under pressure, skill, leadership, courage, respect for all players and - most importantly - overall value to a team.
And to cap a great night, Judd added to his bulging trophy cabinet by being voted as the best captain of 2011.
Other winners from the awards, which were held at the Crown's Palladium Room included Essendon's Dyson Heppell, who was voted as the Best First Year Player Award and Brisbane Lions skipper Jonathan Brown who was awarded the Robert Rose Most Courageous Player Award for the third time (having won in 2007 and 2008).
Essendon's Henry Slattery received the Open Universities Australia Education and Training Excellence Award, which celebrates a players' success in juggling football and study commitments.
