In 1994 I remember The Elder Scrolls: Arena being reviewed, it was the FRP (IIRC, pretty much nobody really called them RPGs back then) a lot PC gamers were salivating over. For a good reason, too, given that it was sort of a cross between Ultima Underworld and Might & Magic. Who knew then it would grow to become currently the biggest VG RPG IP.
Games I remember most dearly from that year are Warcraft (which was a great RTS, but it also had the option to connect to another computer via dial-up modem, so you can play against your friend - which I did a lot). System Shock (which built further on Ultima Underworld's idea of Immersive Sim that offers players a lot of emergent gameplay), UFO: Enemy Unknown, Little Big Adventure, Super Metroid and Star Wars: TIE Fighter.
And then there was Panzer General. As someone who always loved and played military strategies, but never got to convince any of the friends to play them, this was something mainstreamed enough that I had a very easy time finding potential "victims" for Hotseat duels. Probably my most played game from that year.
But ultimately, I give my vote to Transport Tycoon. While I loved Railroad Tycoon, I always wanted the whole package, and not just trains, and then they did just that. Loved it.