The award will replace the Harry Sunderland Trophy, which has been presented to the final's player of the match since 1998.
Burrow, who was awarded a CBE in the New Year's Honours list for his services to Motor Neurone Disease awareness, won the mantle in 2007 and 2011.
Trevor Hunt, vice-president of the Rugby Football League, said: "After long and serious consideration, we believe the time is now right to introduce a new award for the player of the match in the Super League Grand Final.
"I am certain that rugby league players and supporters will agree that the name of Rob Burrow is a fitting one to recognise.
"He has been one of the most popular and successful players in the three decades since the Super League was formed in 1996, and made his own history at Old Trafford as the first man to win the Harry Sunderland Trophy in two Grand Finals - setting a never to be beaten record of winning every single vote for his brilliant performance for Leeds against St Helens in 2011."
The Super League season gets underway on February 15th when Hull FC take on Hull KR, while the Grand Final is scheduled for October 14th at Old Trafford.
