The former Beatle received 34% of the vote to beat Motley Crue's Nikki Sixx, Chickenfoot's Sammy Hagar and Alice Cooper for the prize.
A statement for the awards read: "The 69-year-old McCartney had his (meat-free) plate full for all of 2011.
"Whether it was releasing re-issues of his two truest solo efforts, McCartney and McCartney II, collaborating with the New York City Ballet, producing a film marking the 10-year anniversary of 9/11 or embarking on his huge On the Run tour, he pretty much did it all."
AC/DC won three awards for 'Best Reissue or Archival Release', 'Best DVD' and 'Best Commercial', with Chickenfoot winning 'Album of the Year' for Ill and 'Song of the Year' for 'Big Foot'.
Slash won the 'Best Live Album' award, Guns N' Roses won 'Tour of the Year', while Ozzy Osbourne won 'Best Box Set'.
Sir Paul McCartney will release his upcoming studio album Kisses on the Bottom on February 6.
Watch Paul McCartney perform 'All My Loving' last year below: