In the poll, the disc muscled out the latest releases by the Foo Fighters, Motörhead, Whitesnake and others.
Monroe was on hand to accept the prize at the Classic Rock Awards ceremony, held on Wednesday evening at London's Roundhouse.
The award was handed over by former Guns n' Roses bassist Duff McKagan, who said that Monroe deserved the whole world's attention. Guns n' Roses members have often cited Monroe's old band, Hanoi Rocks, as being a major influence on them.
The seventh annual awards ceremony was hosted by Gene Simmons of Kiss. At the Roundhouse to pick up other honours were Jeff Beck, Roger Waters, the Manic Street Preachers, Deep Purple and the Scorpions.
Monroe, whose real name is Matti Fagerholm, turns 50 next year. He recently published his autobiography and begins a nine-date British tour later this month in Wolverhampton.