The Swiss defender's stunning strike against Burnley was chosen as the league's best goal for February.
With the score at 0-0 in the 24th minute, Schär unleashed a fantastic 25-yard strike which flew past Tom Heaton via the woodwork. It was his third goal for the Magpies and helped United gain three valuable points.
Seven other goals were shortlisted for the award including Andre Gomes' effort for Everton against Wolves and Nathan Redmond's for Southampton against Burnley.
Manchester United duo Marcus Rashford and Anthony Martial were both nominated for their goals against Leicester City and Fulham respectively, while Liverpool pair Georginio Wijnaldum and Sadio Mane are included for their strikes against AFC Bournemouth and Watford.
Manchester City forward Sergio Agüero's curler against Chelsea was also on the shortlist, but Schär's strike was voted as the best.
"It's special for me - I've never won a trophy like this and it probably will be my last one," the 27-year-old smiled. "It's nice to have scored a goal like this and it was special of course because of the victory in the game. That's the most important thing."I don't score too many goals and this is probably one of the best."
Schär's Newcastle team mate Sean Longstaff had been nominated for the Premier League's player of the month, but lost out to Manchester City ace Agüero, who scored seven goals in four matches.