The 31-year-old achieved a personal milestone in 2011 when she played her 50th international in a friendly against Australia in May, while she also continued to carve out a professional career overseas with Frauen Bundesliga outfit VfL Wolfsburg.
The men's award, won last year by All Whites captain Ryan Nelsen, went to New Caledonia striker Bertrand Kai - the first time since 2008 the award has gone to a player not from New Zealand.
Kai edged New Zealand nominees Winston Reid, Shane Smeltz, Chris Wood and Daniel Koprivcic, while Smith triumphed over teammates Hoyle, Sarah Gregorius, Ria Percival and Ali Riley.
The OFC player of the year awards have been made annually since 1988, with players from Australia and New Zealand traditionally dominating the list.