Defender Tyrone Mings is also in the running for the player of the month prize, after Villa took seven points from their three matches in March.
It is the second time Emery has been up for the manager of the month award since taking charge at Villa Park in November, having previously been on the January shortlist.
He is joined on the March list by Arsenal’s Mikel Arteta, Manchester City’s Pep Guardiola and Brighton’s Roberto de Zerbi.
Villa conceded just one goal in their three matches and Mings has been recognised for his excellent form at the heart of defence.
The centre-back is up against Newcastle United’s Alexander Isak, Brighton’s Alexis MacAllister, Arsenal duo Bukayo Saka and Leandro Trossard and Liverpool’s Mohamed Salah.
Supporters can vote for both awards online with the winners announced on Friday, March 31.