The 33-year-old netted five times last month, twice in wins over Cheltenham Town and Exeter City.
"I'm very happy - I've had a decent month and scored goals," said Stead. "Sometimes, especially with managers, you can get this award and then things go horribly wrong! Hopefully there's no curse involved and I can carry on scoring.
"It's nice to be recognised across the division. I think the last one I got was at Huddersfield, so it's only taken me another 13 years to get one!"
Notts County manager John Sheridan added: "He's played a massive part for us so far this season. To be fair to him, he's made a lot of the goals himself. We know he's got that ability - he's played at a high level for most of his career and I'm very pleased to have him in my team.
"I'm very pleased for him that he's won it - it's recognition for his really good start to the season."
Notts County are currently in the playoff positions after five wins, two draws and three defeats.