The 27-year-old became the first Everton player to be included in the Team of the Season since Neville Southall in 1990, but he believes that there were candidates who deserved it more.
"I am pleased with it. I did not feel as though I should have been in it to be honest - but am still delighted to be chosen. It is picked by the other players so that means a lot. It is nice to be recognised in that category of player," Baines told the club's official website.
"Like I say, I am not too sure I deserved to be in it but at the same time am delighted to be so. I am not sure I have been the best left-back in the country but if other people think that I have been, then great.
"I am not saying I have not been consistent. It was just a bit of a surprise to be named in it as there are others I have seen who I feel maybe have done a bit better."
Baines has made 41 appearances for Everton this season.