The 20-year-old picked up the Players' Player of the Season and Supporters' Young Player of the Season.
The Saddlers have struggled in League Two this campaign, finishing the season in 16th, but Rushworth has impressed.
The goalkeeper made 43 appearances for Walsall, conceding 56 goals and keeping 11 clean sheets.
Posting on Twitter, Rushworth said: "I would like to say a massive thank you to everyone at @WFCOfficial for this season.
"It’s been a season filled with ups and downs but I’ve enjoyed every minute of it.
"Buzzing to come away with players and young player of the season too."
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