The Barcelona midfielder inspired Spain to defend their title in Poland and Ukraine.
UEFA technical director Andy Roxburgh said: “Picking Iniesta as the best player of Euro 2012 sends a message about creativity, incisive football and humility.”
England midfielder Steven Gerrard was included in the 23-man squad of the tournament.
Roxburgh added: “Gerrard played really, really well and showed great leadership qualities.
“Pirlo was magnificent, Xavi could easily have won again (as at Euro 2008) and Xabi Alonso was excellent.”
UEFA Team of Euro 2012
Goalkeepers: Gianluigi Buffon (Italy), Iker Casillas (Spain), Manuel Neuer (Germany)
Defenders: Gerard Pique (Spain), Fabio Coentrao (Portugal), Philipp Lahm (Germany), Sergio Ramos (Spain), Pepe (Portugal), Jordi Alba (Spain)
Midfielders: Daniele De Rossi (Italy), Steven Gerrard (England). Xavi (Spain), Andres Iniesta (Spain). Sami Khedira (Germany), Sergio Busquets (Spain), Mesut Ozil (Germany), Andrea Pirlo (Italy), Xabi Alonso (Spain), David Silva (Spain), Cesc Fabregas (Spain)
Forwards: Cristiano Ronaldo (Portugal), Mario Balotelli (Italy), Zlatan Ibrahimovic (Sweden)
