"Thanks to the foiling community, it is obviously an immense honour to be given this award," he said, "It has been an incredible year pushing the boundaries with the America's Cup with the whole team over there, pushing the boats super hard."
"Definitely the improvements we made throughout that cycle were pretty amazing and then to be able to jump on a Moth and have a good bit of fun with so many other people doing the same thing and enjoying foiling around in Lake Garda, was pretty cool as well."
Nominees for the award included Team New Zealand skipper Glenn Ashby, along with two French ocean sailors, Thomas Coville and Armel Le Cleac'h.
Burling has joined Sir Russell Coutts, who won the title in 1995 and 2003, as the only two Kiwis to have won the award twice.
Burling said he's excited to see the foiling game challenged once more by Team New Zealand's new 75-foot foiling monohull boat design, which was revealed in November, ahead of the 2021 America's Cup scheduled for Auckland.
Read more: Team New Zealand reveal new America's Cup boat
"I am sure it will be pretty fast and we keep pushing the edge of technology and the edge of the sport ... something that is going to be really cool," he said.
"The future looks pretty exciting for foiling, a pretty cool concept for the next Cup boat, hopefully other teams will get behind it."
Read more: Sailing: Peter Burling missing out on Halberg award unfortunate says Yachting NZ boss
The individual award comes after Team New Zealand turned down the offer to nominate Burling for the Halberg awards Sportsman of the Year, saying they did not want Burling to be elevated above the team.