The Welshman has been in scintillating form for the Gunners this campaign and scored twice in the 3-1 win at Cardiff City on Saturday to keep Arsenal four points clear at the top of the Premier League table.
Ramsey now has 15 goals for club and country this term as well as being voted Arsenal's Player of the Month on the last four consecutive occasions.
"He has been outstanding until now. You want always to jump into the future but we have to enjoy the present," Wenger told reporters. "If he keeps playing like that, of course [he will be player of the year], but it has only been a third of the season.
"I have to treat him like the other players and give him a breather when he needs it. I want him to continue to develop, but he is so young you imagine why should he stop his development now?
"Let's not forget that one year ago everyone questioned him. That shows you that he deserves credit for that - he has turned a corner and he can continue to improve."
Arsenal host Hull City in the Premier League on Wednesday.