The shortlisting is recognition of a fine month for the skipper at both ends of the pitch, with the team securing two wins and a draw in their three matches.
Centre-back Fahey’s March started with a clean sheet and a winning goal in the 1-0 victory away at Crystal Palace.
She went one better against Coventry United, scoring twice and recording another shutout in the 5-0 win at Prenton Park.
The month ended with a draw against Blackburn Rovers, which extended the Reds’ unbeaten run to six games.
Also nominated for the prize are Natasha Flint (Leicester City), Ini Umotong (Lewes) and Hayley Crackle (Coventry United).
A combination of expert panel and fan votes will decide the winner, with supporters able to back Fahey for the next 24 hours here.
The Reds are hoping to make it a double after midfielder Ceri Holland scooped the award in February.