Swallow finished on 487 votes, just 10 ahead of full-back Scott Thompson (477) and deputy vice-captain Brady Rawlings (476), who won the award in 2004 and 2006.
Backman Josh Gibson, certain to be traded to Hawthorn next week, finished fifth behind vice-captain Drew Petrie but did not attend Friday night's function.
Ruckman Hamish McIntosh, the only North player short-listed for All Australian selection, was sixth.
After injury and form limited Swallow to just three games in 2008, the 22-year-old represented the Roos in all 22 matches this year, was third in total disposals and first in tackles laid.
He was rewarded with a two-year contract extension in August.
Thompson's contribution was just as impressive, holding down the side's key defensive post for the entire campaign after just six games in his debut 2008 season.
He was regularly handed assignments on the opposition's best forward and more often than not took the honours in those encounters.
In clear recognition of his improvement, the 23-year-old was presented with three other awards including rookie of the year and the Jason McCartney Jumper for courage and commitment.
The function was also a testimonial dinner for Adam Simpson, while fellow retiree Shannon Watt was given a final send-off as best clubman.
Click here to view all the votes
Syd Barker Medal – top 10
Andrew Swallow: 487
Scott Thompson: 477
Brady Rawlings: 476
Drew Petrie: 469
Josh Gibson: 452
Hamish McIntosh: 448
Scott McMahon: 418
Michael Firrito: 406
Adam Simpson: 358
Leigh Harding: 337
Other award winners
Jason McCartney Jumper award: Scott Thompson
Rennie Johnston cheer squad determination award: Adam Simpson
Northerners award: Scott Thompson
Vice president's rookie of the year award: Scott Thompson
Jack 'Skull' Castle trainers and staff encouragement award: Ben Warren
Harold Henderson best clubman award: Shannon Watt
