Earlier this month, Matsuyama (-10) held off Will Zalatoris (-9) to capture a historic win at the 2021 Masters, becoming the first male golfer from Japan to win a major.
"Hopefully, I'll be a pioneer and many other Japanese will follow," Matsuyama told reporters afterward.
"Amid the prolonged coronavirus crisis, he gave courage to and touched the hearts of everyone across Japan," Prime Minister Yoshihide Suga said at the time.
Ayako Okamoto was the first golfer to win the prestigious award in 1987 after her four wins on the LPGA Tour that season and top-five finishes in every major.
Matsuyama is scheduled to receive the award Friday.