Phil Hogg and Lauren Steadman have been named British Male and Female Para-triathletes of the Year at the 2014 British Triathlon Awards in Loughborough.
This was a first loss for four-time world champion McClelland in three years of international competition.
She then backed this up with victory at the 2014 ITU Para-Triathlon World Championships in Edmonton, Canada, to win her first world title.
This performance at the World Championships also earned Steadman the Peter Holmes Award for Inspirational Performance in an International Competition.
The PT4 competitor will be one of the hopefuls for Paralympic gold when triathlon makes its debut on the programme at Rio 2016.
"London was a major turning point for me, beating Faye is a really hard challenge as she is a fierce competitor," Steadman told British Triathlon.
"Crossing the line in Edmonton at the World's with my whole family watching, it was just a fantastic atmosphere and with all the hard work this year, it was just beautiful."
It has been a superb year for the 21-year-old, with her also retaining her European Triathlon Union (ETU) European Para-Triathlon Championships title in Kitzbuhel, Austria.
"I am shocked, it feels fantastic," she added.
"This is an award that goes to the best of the best and for me to win it means the world."
Hogg picked up the men's award following silver medals in the ETU European Para-Triathlon Championships and the ITU World Para-Triathlon Championships.
It is a second successive year that the 44-year-old has picked up the Best Males Para-triathlete accolade, with his first coming on the back of his first ever European Championship title triumph.
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August 2014: United States claim three Paratriathlon gold medals at World Grand Final
May 2014: McClelland's three-year unbeaten run ended by British teammate
November 2013: McClelland and Hogg claim British Paratriathlete of the Year awards