Currently in Paris preparing for Australia's Test against France on Sunday morning (AEDT), Suaalii is one of four players nominated for the award, which will be announced on November 22.
The 22-year-old has been included alongside New Zealand's Fabian Holland, South Africa's Ethan Hooker, and England's Henry Pollock, with the award "recognising emerging talents who have made a significant impact on the international stage in 2025".
Suaalii credited his Wallabies teammates for his nomination.
"It's pretty cool to get named ... no award goes without a team, so it's all credit to the team to be able to be nominated for an award," he said.
The former Sydney Roosters gun, who has been playing at outside centre, said he was still learning in the 15-a-side game, which he played as a junior.
"I'm still growing in this game. It's my first year playing the game of rugby professionally, so I'm just keeping chipping at it, just seeing where I can get better and improve."
Suaalii made his debut for the Wallabies late last year, winning the player-of-the-match award in his first Test when the Australians triumphed against England at Twickenham.
He was part of the Australian side that faced this year's touring British and Irish Lions, starting all three matches, and has now played 17 Tests.
With the women's categories already awarded at the end of the Women's Rugby World Cup in September, there are three men's categories - player of the year, breakthrough player and try of the year.
Three players from the world No.1-ranked Springboks are up for player of the year - Pieter-Steph du Toit, Malcolm Marx and Ox Nche - as well as Frenchman Louis Bielle-Biarrey.
Fans can vote on the try of the year via World Rugby's Instagram channel with the four selections: Argentina's Santiago Cordero against the British and Irish Lions, Chile's Santiago Pedrero's try against Samoa, Fiji's Lekima Tagitagivalu scoring against Australia and New Zealand's Tupou Vaa'i's effort against France.
The World Rugby Awards panel, comprising former legends of the game including former Wallabies winger Drew Mitchell, voted on the nominees in each category.
World Rugby's Dream Team of the Year will be unveiled on November 25.
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