Pendlebury had 29 touches, laid 11 tackles and had six clearances in the Pies' 56-point triumph in the replay of last weekend's drawn decider.
The 22-year-old backed up from a quiet day out last week, which was caused by a stomach bug that laid him up for four days leading into the game.
Pendlebury lost six kilos but kept his illness quiet from the coaching staff and was determined to play.
"We knew that Scott was going to have a big game the next game because we got the weight back on him, and he clearly is one of our great players," coach Mick Malthouse said after the game.
"He will be now that he's got a medal around his neck."
Pendlebury paid tribute to the club's doctors for their support this week in making sure his training loads enabled him to properly rehydrate.
"I was one of the players that didn't perform last week and Mick and Nick Maxwell spoke about, you don't often get a chance a week later to play again," he admitted.
"I wanted to make amends for how I performed last week and play my role in a premiership side. I can say I've done that.
"I don't know what I had - maybe some form of gastro - I thought maybe it was just nerves that got the better of me."
The talented midfielder, who chose football over basketball as a youngster, described the premiership win as the "ultimate feeling".
"My first feeling out on the ground, I just felt numb. I didn't really know what to think," he said.
"I am very pleased. I didn't think that I'd be sitting here as a premiership player for the biggest club in Australia."
Pendlebury told the MCG crowd he was elated as he accepted the medal from former North Melbourne player Arnold Briedis, who kicked five goals and was best on ground in the 1977 grand final replay against the Magpies.
"First to St Kilda, you guys were hell of a side today so well done," Pendlebury said, after being presented with the medal on the field.
"This is the best feeling I've ever had."
The judges for the award were Tom Harley (chairman, Channel 7), Martin Blake (The Age), Stan Alves (ABC Grandstand), Dermott Brereton (SEN 1116) and Danny Frawley (Triple M).
Pendlebury's win comes seven days after former St Kilda captain Lenny Hayes - who had 22 touches in the replay - won the same honour for his incredible performance in the draw.
Norm Smith Medal voting
10 - Scott Pendlebury, Collingwood, 3 3 2 2
8 - Steele Sidebottom, Collingwood 3 3 2
4 - Dale Thomas, Collingwood 3 1
3 - Dane Swan, Collingwood 2 1
2 - Darren Jolly, Collingwood 1 1
2 - Luke Ball, Collingwood 2
1 - Nathan Brown, Collingwood 1
Tom Harley, Channel 7, chairman
Thomas, Pendlebury, Swan
Danny Frawley, MMM
Pendlebury, Sidebottom, Brown
Dermott Brereton, SEN 1116
Pendlebury, Swan, Thomas
Martin Blake, The Age
Sidebottom, Pendlebury, Jolly
Stan Alves, ABC
Sidebottom, Ball, Jolly
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