In 1999, a winner was selected using an objective points system. Hits, home runs and runs batted in were given certain point values and the winner was the player who had the highest tabulated points total. The system was changed in 2000, however, to a ballot system, whereby each club's radio and television play-by-play broadcasters and color analysts were given three player votes for each league. The first place vote receives five points, the second place vote receives three points, and the third place vote receives one point, and again the winner is the player with the highest point total. Beginning in 2003, fans were given the opportunity to vote through the MLB.com website. Fan voting accounted for 30% of the points, with broadcaster and analyst voting accounting for the other 70%.
The "Hank Aaron Award" is the first, and so far only, baseball award commemorating a living player. The award is sponsored by Century 21.
Winners to date are:
| Year | League | Player | Team |
|---|---|---|---|
| 1999 | American League | Manny Ramirez | Cleveland Indians |
| 1999 | National League | Sammy Sosa | Chicago Cubs |
| 2000 | American League | Carlos Delgado | Toronto Blue Jays |
| 2000 | National League | Todd Helton | Colorado Rockies |
| 2001 | American League | Alex Rodriguez | Texas Rangers |
| 2001 | National League | Barry Bonds | San Francisco Giants |
| 2002 | American League | Alex Rodriguez (2) | Texas Rangers |
| 2002 | National League | Barry Bonds (2) | San Francisco Giants |
| 2003 | American League | Alex Rodriguez (3) | Texas Rangers |
| 2003 | National League | Albert Pujols | St. Louis Cardinals |