Holland's 41 saves tied Colorado's single-season record originally set by Jose Jimenez in 2002. He finished the year with a 3.61 ERA and 70 strikeouts in 57 1/3 innings.
The award goes to one player in each league who has re-emerged on the field.
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Moustakas previously won comeback player of the year honors from The Sporting News and the MLB Players' Choice Awards. During his award-winning opening months of the season, the North Carolina native converted each of his 19 save opportunities, allowing just three runs with 28 strikeouts over 19.2 innings pitched (1.37 ERA).
Both the 29-year-old Moustakas and Holland-who were teammates when the Royals won the World Series in 2015-are free agents this offseason.
The 32-year-old right-hander, who signed with Colorado as a free agent last January, notched 41 saves, tying Los Angeles Dodgers reliever Kenley Jansen for the most in the National League, and second overall to Tampa Bay's Alex Colome.
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Moustakas was named an All-Star for the second time in his career, winning the MLB Esurance Final Vote, while he also became the third Royal to participate in the Home Run Derby, joining Bo Jackson (1989) and Danny Tartabull (1991).
Moustakas hit.272 with a career-high 38 homers and 85 RBIs in his return from a torn anterior cruciate ligament in his right knee. He set a Royals franchise record for home runs in a single season, too, breaking Steve Balboni's long-standing record.
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