Felix won the 200-meter gold medal in London after settling for silver four years earlier in Beijing.
"My biggest defeats have come at the Olympic Games. After Beijing I was devastated, I had worked as hard as possible but I came up short," she said. "But I decided to rededicate myself even harder and it was a blessing in disguise. I was able to work harder than ever before and finally it all came together."
The other finalists for the women's award were New Zealand shot putter Valerie Adams and British heptathlete Jessica Ennis - both gold medalists in London.