The Spanish star, who arrived from Rayo Vallecano in the summer, hit a brace at QPR at the start of a sensational season which also saw him score in another 5-0 rout, the Wembley final against Bradford City.
"I was [surprised that Michu wasn't a contender for the PFA Player of the Year award] because we won something - domestically there are three titles, the league, the FA Cup and the League Cup and we won one of them," Laudrup told Eurosport-Yahoo!
"Gareth Bale and Luis Suarez are outstanding players, but they didn't win anything.
"I'm not saying Michu is better than these two - he's not - but I am asking: what are the criteria when we nominate someone for an award like that?
"Do you look at a player who has had an influence on their team? Won a title? Or a player who has been outstanding individually, even if his club hasn't won anything?"
However Laudrup did acknowledge that winner Bale's outstanding campaign made him deserving of the award.
"I think Gareth Bale has been outstanding, and Robin van Persie as well has been fantastic - and very important in Manchester United winning the title. So I think those two [were the best]."
And as for the manager who has most impressed him this year, there is only one name in the frame for the Dane.
"If I had to pick one, I have to go for Sir Alex Ferguson. There were three teams who could win the title, the two Manchester clubs and Chelsea, and United won by far.
"Even if I always say the players are the most important, I think in this case the manager is the most important as well. He has done it year after year after year, so credit to him."
For more from Laudrup ahead of Swansea's final match of the season at home to Fulham, watch the full video above.
Michael Laudrup was speaking to Yahoo!'s 'The Dugout' through its partnership with the League Managers Association