The 22-year-old Rutherglen-born player fought off competition from Glasgow City’s Ode Fulutudilu, Forfar’s Lauren Perry and Spartan’s Rebecca Galbraith to scoop the award after a phenomenal month for Malky Thomson’s side that saw her produce two goals and three assists.
Hay, who originally joined the Blue Belles in 2017, formed part of a trio of Rangers stars who penned new deals last week, with Rangers also tying up the futures of Chelsea Cornet and Northern Ireland international Megan Bell.
The Scotland youth international has become one of the club’s key players in the new year, morphing from an impact sub into one of the first names on the team sheet.
"The hard work and competitive environment has helped me. I absolutely love playing football here,” said Hay.
"I should give my team mates all the credit for them helping me become the player I’ve worked hard to be recently. I’ve worked hard to get a new contract here, and obviously playing alongside some of the best players in the country has helped me do that.”
She was also full of praise for January signing Rachel McLauchlan who joined from champions Glasgow City in January.
"She’s very vocal on the pitch and really helps me with my defensive movement. It’s good to have someone behind me who speaks a lot and helps me as a player.”
The 22-year-old admits she is hoping to get the eye of the national team too, with a new Scotland head coach set to be appointed in the near future.
"Coming through the youth ranks at Scotland, it is obviously a dream of mine to get to the top level and play for the A squad. I just hope if I keep working hard, I can earn a chance.”