The 28-year-old model topped a list compiled by Australian magazine Who and celebrated the accolade by posing for the publication with her 15-month-old son Flynn.
In the accompanying interview Miranda - who has Flynn with husband Orlando Bloom - revealed her family always come before her work.
She said: "I was working 18-hour days. Now that pace has slowed so I can spend the majority of my time with Flynn.
"I'm first a wife and a mother, and then comes work."
The Victoria's Secret beauty admitted she sees a lot of herself in Flynn - particularly his naughty side.
She said: "He's a really charming, lovely boy. He has that look in his eye like, 'What trouble am I going to get into next?' But I like that, it's like me."
Other stars to have made it onto the list including actor siblings Chris and Liam Hemsworth, singer Delta Goodrem, Hollywood hunks Ryan Gosling and Channing Tatum, Olympic swimmer Stephanie Rice and 'Charlie's Angels' star Rachael Taylor.