Ferguson, who only returned to the club on January 12 for his second stint at London Road, guided Posh to four wins, three draws and one defeat from their games last month.
He beat Southampton boss Nigel Adkins, Leyton Orient`s Russell Slade and Bournemouth manager Lee Bradbury to the accolade.
Meanwhile prolific striker striker Craig Mackail-Smith has scooped the player of the month prize.
Mackail-Smith found the net seven times across five different matches in February bringing his total for league goals this season to 19.
He was chosen ahead of Rickie Lambert (Southampton), Glenn Murray (Brighton) and Jimmy Smith (Leyton Orient) for the award.
Source: PA
Source: PA