Left-back Jacobson made a stunning impact as a pivotal member of a defence which recorded four clean sheets in as many games.
Wycombe’s four goals also came through him, with two penalties and two pinpoint free-kick assists.
Wycombe manager Gareth Ainsworth said: “Joe is one of the most humble guys I know. He’s been playing some of the best football of his career and I’m really proud to have been able to give him five years at this club to enjoy longevity and be part of the culture that we have created.
“He’s been a phenomenal left-back for us throughout that time and in particular this season he’s showed what a threat his left foot can be with many brilliant assists and important goals, alongside the 11 clean sheets we’ve been able to pick up. He thoroughly deserves his award.”
Jacobson said: “It’s a real honour to win this award and it’s something I always hoped I might achieve at some point during my career.
“I think the whole team has had a fantastic season so far – everyone knows their jobs, works hard for each other and it seems to be working.
“Last month, I think you could have given this award to any of our defenders or goalkeeper because we’ve been really proud of our defensive record, not conceding a goal for quite some time now, but it’s a special accolade for me to collect the trophy and I’m proud to have played my part in helping the team at both ends of the pitch.”
In September, former Wales U21 captain Jacobson scored an incredible hat-trick for Wycombe in the match against Lincoln City, netting two goals from corners and one from a free-kick.