The Brit closed out the year with a 52-25 record and moved up to 12th in the world rankings. Norrie also made six tournament finals and claimed two trophies - his first successes since joining the ATP Tour.
The first of those trophies came in Mexico where he beat Brandon Nakashima (6-2, 6-2) to claim the Los Cabos Open. Three months later, Norrie won his biggest title to date as he powered past Nikoloz Basilashvili (3-6, 6-4, 6-1) to lift the Indian Wells Masters.
Lugones - who has been Norrie's coach since 2017 - told the ATP website: "I'm incredibly happy. I never thought I could win this award, it's surreal. But that's the beauty of the sport, that anything could happen.
"I just want to also thank my team, Julian [Romero] and Vasek [Jursik], they work incredibly hard throughout the year to get Cam ready, and also Devin Bowen and James Trotman since day one, helping the whole team.
"Most importantly I want to thank Cam for being an animal and getting through all those tough matches that ended up getting me the award."
The relationship between Lugones and Norrie began at Texas Christian University where the pair were teammates. At the time, the Argentine was a senior while the Brit was just a freshman.
"I got an Economics degree and I was looking to work in finance, in a bank or something like that. Since I had another year of school without playing, I started helping the team as a volunteer coach and I really enjoyed that and started working in a tennis club and still helped the team.
"The coaches there were really encouraging me to give it a shot and I started to really enjoy it and get better at it.
"I thought maybe I could have a career in it and then Cam offered me to start traveling with him, so him and the coaches there saw something in me and thought I could do well, and then I went with it."