The picturesque region, which contains 41 courses and provides more than a million rounds to overseas golf visitors each year, saw off competition from across Europe to scoop the accolade.
A spokesperson for ATA said: "We are absolutely delighted to have been recognised once again as Europe's best value golf destination, particularly as the Today's Golfer awards are voted for exclusively by golfers.
"To win the ‘Best Value' prize also really demonstrates how highly UK golfers rate the Algarve - not only for the quality of our destination but for the great value they get whenever they visit.
"In 2015 visiting UK golfers will receive even greater value as the British Pound has strengthened almost 10% against the Euro in the past 12 months so budgets will go that bit further.
"To win three times out of the last four years is particularly pleasing and we'll be striving to ensure that we retain the trophy next year."
Kevin Brown, travel editor at Today's Golfer, said: "The annual TG Travel Awards - the ‘Oscars of the golf travel industry' - have proved a huge hit since being introduced in 2011.
"They are awards which provide a totally objective view of the best hotels, courses and regions, because it is the paying public, our readers, who decide where the titles go.
"The Algarve is a deserving winner of the ‘Best Value Golf Destination', as reflected by the overwhelming number of people who voted for the region. Winning three years out of four is a great record, and one the Algarve should be justly proud of."