The 30-year-old playmaker, who was named in the World Series 'Dream Team' for the third year running, was a key figure as Fiji won titles in Cape Town, Hamilton, Hong Kong, London and Paris to secure the 2018/19 World Series title, their first since 2016.
Tuwai was also nominated for the player of the year award in 2017 and 2018, losing on both occasions to USA flyer Perry Baker, but Samisoni Viriviri is the only Fijian player to win the award back in 2014.
A new winner is assured this time around with American duo Folau Niua and Stephen Tomasin the other players shortlisted for the game's highest invidivual honour.
Meanwhile New Zealand captain Sarah Hirini has been shortlisted with teammates Tyla Nathan-Wong and Ruby Tui for the Women's Sevens Players of the Year award.
It's the fourth nomination for Hirini and second for Tui, with all three members of the triumphant Black Ferns 7s seeking their first win.
Both shortlists were selected by a mix of votes cast by players (30 per cent) and an expert panel (70 per cent) featuring former sevens stars Humphrey Kayange, Jen Kish, Tiana Penitani, Karl Tenana, Danielle Waterman and Marika Vunibaka.
World Rugby Chairman Sir Bill Beaumont said: "These players are excellent role models for our sport and embody the values and attributes that rugby sevens stands for, both on and off the field of play.
"The skill and character that they demonstrate has undoubtedly played a part in the ongoing success story of rugby sevens. Last season we saw new records set from a performance perspective, but also in terms of fan engagement with more than 198 million views across our video content which we hope will inspire even more people to take up playing or supporting rugby sevens."
The winners will be announced at the World Rugby Awards in Tokyo on 3 November, the night after the Rugby World Cup final.