The 19-year-old enjoyed an impressive debut campaign for the Whites at development level following his summer switch from Arsenal.
Greenwood bagged 12 goals in 18 league outings this term whilst learning his trade as an attacking midfielder behind striker Joe Gelhardt
Under-23s head coach Mark Jackson masterminded a stunning season with United going on to lift the PL2 Division Two crown by an 11-point margin and earn promotion to the top flight of academy football.
Greenwood earned plaudits for his performances throughout the year and also made a name for himself as a free-kick specialist.
It is his dead ball strike against West Bromwich Albion that has seen him earn the PL2 Goal of the Season award for the 2020/21 campaign.
Greenwood's effort came in a 5-0 victory over the Baggies in March and was the last goal of the afternoon in the West Midlands as his dipping shot found the back of the net in style.
United's forward was also nominated for the Player of the Year award in the PL2 along with defender and captain Charlie Cresswell.
The pair, though, were beaten to the gong by Manchester City striker Liam Delap.
The 18-year-old enjoyed a record-breaking campaign, scoring 24 goals - the most ever in a single season in PL2 history - to help City claim the Division One title by 14 points.
“The talent in the league is so high and to win [the award] is a great achievement, and I’m very proud of it," Delap said of the award.
“I sat down at the start of the season and set some targets. I think I smashed all of those targets so it’s just been a great season.
“Even if you score two in a game, you want that extra hunger to go and get the third, just to keep adding your numbers and making it hard for everyone to catch up with.
"I feel like it’s just in me where I just want more and more.”
Nominated alongside Delap, Greenwood and Cresswell were Louie Barry (Aston Villa), Connor McBride (Blackburn Rovers), Cole Palmer (Man City), Aaron Ramsey (Villa) and Shola Shoretire (Manchester United).