Player of the tournament Sanju Samson is one of four India players in the XI, alongside Ishan Kishan, Hardik Pandya and Jasprit Bumrah.
Markram was included after scoring 286 runs – including three half-centuries - as Proteas reached the semi-finals before losing to New Zealand.
Ngidi impressed in the global tournament taking 12 wickets at an average of 15.58, including four against Canada and three apiece against Afghanistan and West Indies.
The seamer also had a miserly spell against India that yielded just 15 runs from four overs.
The West Indies' Jason Holder earns his place in the side thanks to strong performances with bat and ball.
Holder took three wickets against Scotland and four against Nepal before stepping up with the bat in the Super Eights.
The team is rounded out by Zimbabwe's Blessing Muzarabani, who was key to his side's stunning group stage performances.
The lanky seamer took 4-17 as Zimbabwe beat Australia and finished the group stage with nine wickets.
The team's 12th player is Shadley van Schalkwyk, who took 13 wickets for the USA at a rate of just 6.84 and economy of 6.80.
T20 World Cup Team of the Tournament
1. Sahibzada Farhan
2. Sanju Samson (wicketkeeper)
3. Ishan Kishan
4. Aiden Markram (captain)
5. Hardik Pandya
6. Will Jacks
7. Jason Holder
8. Jasprit Bumrah
9. Lungi Ngidi
10. Adil Rashid
11. Blessing Muzarabani
New Zealand captain Mitchell Santner insists he is proud of his players despite falling to a big defeat against India in the T20 World Cup final in Ahmedabad on Sunday.
India captain Suryakumar Yadav says the team's next target is to win the Olympic gold medal in Los Angeles in 2028 after capturing the T20 World Cup trophy on home soil.
India cemented their dominance in white-ball cricket by defeating New Zealand by 96 runs in Ahmedabad to become the first men's side to win the T20 World Cup three times and the first to defend the title successfully.
Eathan Bosch has been ruled out of the Proteas T20 series against New Zealand later this month due to a hamstring injury with allrounder Wiaan Mulder called up as a replacement.
