The Royals Academy graduate finished just ahead of Jem Karacan in the voting with goalkeeper Adam Federici a close third.
It is a tremendous achievement by 23-year-old Pearce who played every single minute of all 46 league games over the season.
Alongside Kaspars Gorkss, the centre-back also helped Royals keep the most clean sheets in the division as Brian McDermott's men clinched the Championship title.
Pearce received his award moments before Reading skipper Jobi McAnuff lifted the Championship trophy in front of thousands of supporters at Madejski Stadium.
Earlier today, heavy rain failed to spoil the Royals party as fans came out in their droves to cheer their newly-promoted team during their open-top bus parade around the town.
Everyone at the Chronicle would like to congratulate Pearce on winning the award that has been sponsored by our paper since the early 1960s.
For pictures of the promotion parade plus all the latest Royals news don't miss this week's Chronicle, out every Thursday.