The 17-year-old Republic of Ireland U18 player was presented with the award by Manchester United manager Sir Alex Ferguson. Previous winners of the award include Roy Keane, Robbie Keane and Damien Duff.
Scannell, whose father Brendan comes from Castleblaney in Ireland, broke into the Palace first team at the end of last year and has been a regular in the side since then.
He recently signed a contract that will keep him at Palace until 2010.