Judges praised the pair for having a "very strong and complementary husband and wife partnership" as well as a collaborative approach to environmental management.
Stock performance was "exceptional", they said.
Mrs Thorneycroft said that in 2007 they had been looking for something closer to Masterton, but have since discovered a "fantastic life" in a supportive rural community.
"There are huge benefits in living out here," she says.
"It's such a strong community, with Tiraumea and Alfredton.
"Often, the further out of town you go, the stronger the community."
Their two children, Emma and Annabel, go to Alfredton School.
Mr Thorneycroft said they were "honoured" to receive the award.
"We focus on our capital stock, with 20 per cent as trading stock, so we have a lot of flexibility between good years and bad years. We always get a very respectable lamb percentage for this district."
They are fortunate in that the property largely sits out of the north-westerlies.
"That really helps us with ewes, with twins and triplets - they are put on the best lambing country."
He said the key was keeping the capital stock in great condition, to set them up to reach their targets.
Mr Thorneycroft said there had not been much infrastructure when they started. It was also low on nutrients.
"It was a farm that had plenty of potential. The look of the country was pretty hungry, it was a bit 'off-colour', and it lacked key infrastructure.
"We built a woolshed, cattle yards, we added a lot of fertiliser, to get the performance we wanted."
A field day will be held at the farm on Wednesday, March 25.
