McDonald, a lifelong Rangers fan, was shot and injured in the line of duty on July 12, 1987. He died in January of 2017.
The award celebrates McDonald's "remarkable honor and service to others" and is given annually to the Rangers player that "performs above and beyond the call of duty." The winner is chosen via fan vote.
Five retired NYPD members were on to help hand out the award as was McDonald's physician.
McDonald's wife, Patti, was escorted on to the ice by Rangers great Adam Graves, a five-time recipient of the award.
McDonald's son, NYPD sergeant Conor McDonald addressed the Madison Square Garden crowd before announcing Zibanejad as the winner for the 2018-19 season.
"Every breath, my father fought for," Conor McDonald said. "But he got up every day and he never gave up... He loved this city. He loved this team."
