"The Dragon" solidified his win by taking down Event 8 of the Five Diamond World Poker Classic this month at the Bellagio in Las Vegas for $279,000.
Pham is a two-time Player of the Year winner now. He was also the title holder for 2000.
He joins Men Nguyen, who has four wins, and T.J. Cloutier, who has two wins, as a multiple Player of the Year title holder.
Pham became the points leader in the CardPlayer Player of the Year race in August and remained in first place for the rest of the year. His closest competition was J.C. Tran, who trailed him by only 814 points at the end of the year.
To get to the top spot this year, Pham won money in poker tournaments 18 times in 2007, making final tables in 11 events. He also won four events, including the $5,000 heads-up event at the Mirage Poker Showdown.
In all, Pham won more than $1.8 million playing tournament poker this year.
The Top 5 players for 2007 Player of the Year honors are:
The race for the top spot was fairly close coming down to the end of the year. In second place, Tran made a run for the top spot with a win in a $5,000 No-Limit Hold'em event of the Bellagio Doyle Brunson Five Diamond World Poker Classic.
He also came in eighth at another DBFDWPC event. But that was just the cap on a year that started with making the final table of three World Poker Tour events, coming in sixth, then second and then winning one in March. Pham also cashed in four World Series of Poker events.
Jonathan Little took his online success into the offline poker world this year and turned it into a third-place finish in the Player of the Year race. His year included six WPT cashes, one of which was a win at the Mirage Poker Showdown.
Little also had an EPT cash, a WSOP event cash and several cashes in WPT preliminary events.
Scott Clements rode a successful 2006 into 2007 and made the Player of the Year top list as well. He started off the year with an eighth-place finish in the WPT PokerStars Caribbean Poker Adventure.
He also had a cash in the Johnny Chan Poker Classic in British Columbia, Canada, and added another WSOP bracelet to his poker resume among his five cashes at the series.
Clements capped off his year with a WPT North American Poker championship win in October.
Bill Edler, a PokerListings.com favorite, was a surprise in the Top 5 this year. Though he's been playing poker for a few years, Edler burst into the spotlight this year with several major cashes on the poker circuit.
Wild Bill's biggest accomplishments were a WSOP bracelet win and a WPT win to go along with many other cashes and build up more than $2.7 million in tournament winnings.