The 19-year-old, selected fourth overall in the 2011 Draft, received the Jim Palmer Award as Minor League Pitcher of the Year before Tuesday's game against Toronto.
Bundy went a combined 9-3 with a 2.08 ERA in 103 2/3 innings between the Double-A Bowie Baysox, the Class A Advanced Frederick Keys and the Class A Delmarva Shorebirds.
Baltimore's top prospect didn't allow a hit until his 14th inning of work, and he didn't surrender an earned run until his promotion to the Carolina League.
In total, Bundy -- who earned the win in relief for the World team at the 2012 Futures Game in Kansas City -- finished with 119 strikeouts, holding hitters to a .186 average.
MLB.com's No. 2 overall prospect behind Jurickson Profar, Bundy was called up by Baltimore on Sept. 1, becoming the first Oriole to debut before his 20th birthday since Mike Adamson on July 1, 1967.
In his big league on Sept. 23, the Oklahoma native retired both Boston Red Sox batters he faced out of the bullpen.
"My goal at the beginning of the year was to be in Bowie and I made that goal," Bundy told MLB.com. "And they told me I wasn't going to get called up, and then I exceeded that goal when they called me up here.
"That's a huge honor with Jim Palmer, and if he gives me that award, being named after him ... not really sure what the words are for that. But it's exciting."
L.J. Hoes was named the Brooks Robinson Minor League Player of the Year. He hit a combined .287 with five home runs and 54 RBIs for the Triple-A Norfolk Tides and Bowie.