In the voting window that spanned the period after the final Test of the 2016-17 summer to the end of the fifth Ashes Test against England last month, Smith polled a total of 246 aggregated votes split evenly between his Australia teammates (123) and umpires and media representatives (123).
Perry won the Belinda Clark Medal.
Smith previously won the medal in 2015 and becomes the fifth player to win it a few times.
Perry had previously won the award in 2016 and was recently named the ICC Women's Cricketer of the Year.
Smith emerged the clear victor of the Allan Border medal - Australia's foremost individual cricket honour, that he previously secured in 2015 having finished well clear of his vice-captain David Warner and off-spinner Nathan Lyon.
Smith, who was named as the ICC Test Cricketer of the Year last month, amassed 1754 runs at 67.46 with seven centuries across formats in 2017.
Smith topped the run aggregate for Australians across the three worldwide formats, but his Test form was the most impressive - 1305 runs in 11 matches at an average of 81.56, with six centuries.
Perry won her first Belinda Clark Award two years ago and looks unstoppable for the second, despite solid claims from batter Beth Mooney and bowler Megan Schutt. Bailey scored 1,468 runs at a combined average of 52.43.
Lyon's 62 wickets - the most by any Test player in world cricket during the voting period - made him a chance for the Test player category. The left-hander garnered 24 votes to win the award by a margin of six from Steve Smith and all-rounder Marcus Stoinis.
Opening batsman Aaron Finch picked up the T20 International Player of the Year prize, while George Bailey secured the Men's Domestic Player of the Year award.
Former cricketer Michael Slater pulled off a classic save after a bit of an awkward moment at the Allan Border Medal awards night.