Kvitova is a first-time winner of the award, while the twin American Bryan brothers, Bob and Mike, corralled the men's doubles honor for an eighth time.
The 24-year-old Djokovic was the U.S. Open, Wimbledon and Australian Open champion and captured 10 titles overall, including a tour-record five Masters titles. The super Serb opened his year with a record-tying 42-match winning streak.
Djokovic went 70-6 and reached No. 1 for the first time in his career this past season.
The 21-year-old world No. 2 Kvitova captured her first career Grand Slam title by beating former world No. 1 Maria Sharapova in the Wimbledon final this past summer, won the prestigious season-ending WTA Championships, and led the Czech Republic to its first Fed Cup title.
Kvitova edged out No. 1 Caroline Wozniacki -- last year's ITF champion -- in the voting.
The players will be honored June 5 in Paris at the ITF World Champions dinner, during the 2012 French Open.