It eased the pressure on former Scunthorpe boss Laws, who had been close to the sack after a poor start to the season.
"It's great to be awarded the Manager of the Month title for November but I really must dedicate this to the players," he told the club's official website.
"All the players are believing in themselves now.
"I salute them in how they have gone about their jobs and duties so I dedicate the award to all of the players in the Sheffield Wednesday squad."
Other managers shortlisted were Charlton's Alan Pardew, Hull's Phil Brown and West Brom boss Tony Mowbray.
Nottingham Forest manager Colin Calderwood took the League One prize, while Rotherham's Mark Robins was honoured in League Two.