England lost to Australia in the final by six wickets in Mirpur on Sunday.
Shrubsole was the unanimous choice of the select group of experts following her consistently strong form. The 22-year-old grabbed 12 wickets at an average of 5.75 in the lead up to the final, including three for six against India and three for nine against Sri Lanka.
"It is clearly disappointing to finish as runner-up, but we got to the final, which is a wonderful achievement," Shrubsole said after receiving the award.
"To be named as Women's Player of the Tournament is humbling, and it is also a reflection of the hard work we've all put in as a team. I would have loved for us to win the title, but it wasn't to be for us this year."
David Boon of the Emirates Elite Panel of ICC Match Referees was the chairman of the independent jury that selected the women's player of the tournament. Other members of the panel included Marais Erasmus of the Emirates Elite Panel of ICC Umpires, former Pakistan captain Wasim Akram, ex-England captain Nasser Hussain, former West Indies fast bowler Ian Bishop and Utpal Shuvro, one of Bangladesh's senior-most cricket correspondents.