It is the fifth time Ton have been recognised this season, with manager Allan Moore honoured in October and December, while Archie Campbell picked up player awards for September and October.
Latest recipient MacDonald scored five goals in four February appearances, including doubles in matches against Partick Thistle and Dunfermline, to pip team-mate Michael Tidser to the award.
However, the in-form frontman insisted he would've gladly swapped the individual accolade for the three points at New Douglas Park in midweek.
He told the Tele: "I've won a couple of these awards before. I got the SPL Young Player of the Month in the first month after I left Rangers to join St Johnstone.
"Last season at Morton I won the Irn-Bru Ginger Boot award for being the top scorer for the month. That was in September I think.
"It is nice to win awards, to be acknowledged - but I'd have given it up for three points on Tuesday night there.
"It really makes it irrelevant, rubbish almost, with the team getting beat on Tuesday at Hamilton. It doesn't really mean much now and takes the shine right off it.
"Awards don't come to you solely as an individual; they come to you because of the team. If it wasn't for the boys laying on goals and the team winning I wouldn't be getting this award.
"So it is nice to be recognised, but it's more to do with my team-mates and the way they're performing. You win as a team and you lose as a team."
The 32-year-old's disappointment with that defeat at New Douglas Park was compounded by the fact he was forced to miss the match through injury.
MacDonald, who jumped out of his seat in celebration when David O'Brien gave Ton the lead against Accies, suffered the damage in the 4-1 win at Dunfermline but hopes to be fit to face Falkirk today.
He added: "The injury I picked up was another reason the award hasn't meant as much. I tore a hip flexor in the Dunfermline game just before we scored our fourth goal.
"I chased the boy Jordan McMillan back and I've tried to slide, but my full body weight went forward and my knee stayed and that stretched my hip. I came off straight away after that.
"I'm not going to tempt fate and say I'll be back against Falkirk. I've been running in training and will see how I'm feeling before the match. It has been getting better though.
"We got to win against Falkirk. We're still top of the league obviously, but Partick Thistle go to Raith Rovers on Tuesday night, which should be a hard game.
"So if we can win today and hope Dumbarton take something off Thistle then you never know and it could be game on."