Arsenal team-mate Alessia Russo, Manchester City pair Mary Fowler and Yui Hasegawa, Chelsea’s Erin Cuthbert and Manchester United’s Phallon Tullis-Joyce were also on the shortlist.
Spain international Caldentey was named the WSL player of the year in May, an award that was voted for by supporters.
Arsenal finished second in the WSL, behind champions Chelsea, but beat Barcelona 1-0 in the Champions League final with Caldentey playing the whole match.
Canada forward Smith, 21, became the most expensive signing in women’s football history when she completed a £1m move to the Gunners from Liverpool in July.
Smith made her international debut at 15 and joined Liverpool from Portuguese side Sporting a year ago for a club-record fee of just over £200,000.
She scored nine goals in 20 matches in the WSL before agreeing a move to Arsenal in July.
Also in the running for the PFA young player of the year award were Chelsea trio Aggie Beever-Jones, Maika Hamano and Weikie Kaptein; Manchester United midfielder Grace Clinton, who won the accolade in 2024; and Manchester City’s Fowler.
