The film triumphed in the community arts category of the 2012 Year of Creative Scotland awards, held at Kelvingrove Art Gallery and Museum.
The glittering event saw live performances from violinist Nicola Benedetti, ceilidh band Manran and Lorne MacDougall, lead piper on the Disney film Brave.
The Ferguslie Park community were in good company, with other winners including the late artist George Wylie, the Ken Loach film Angels' Share, Paul Brannigan, the film's lead actor, The Big Noise Raploch Music Project and the National Theatre of Scotland.
Local youngsters wrote, directed and starred in Dawn of the Fegs. Renfrewshire Council and Creative Scotland funded the project and staff from the council's Arts & Museums service filmed and edited the production.
Ian Williams, who played Hamish, the film's kung fu janny hero, said, "The project was a brilliant piece of work. The kids were amazing to work with.
"Winning this award is a huge boost for the kids and the community. Well done Ferguslie Park! It is a fantastic achievement."
Culture secretary, Fiona Hyslop, said, "These awards celebrate the scope and scale of Scotland's exceptional creative talent and I congratulate the winners as well as all those who were nominated."
Iain Munro, Director of Creative Development at Creative Scotland said, "These awards remind us that Scotland is a world leader in creativity and the arts. They celebrate an inspiring mix of artistic achievements and talent from recognised artists to rising stars."
The 2012 Year of Creative Scotland awards covered 12 categories. Thirty eight finalists were selected by a panel of specialists from the culture and media sector. They had to choose from more than 350 nominations, ranging from community heroes to the giants of the world stage.
The film and companion graphic novel, Terror at the Tanny, were created with support from Creative Scotland's CashBack for Communities scheme.