The first, known as Serviceman J, was recognised for exposing himself to enemy fire while providing medical support to a wounded comrade.
The second, Serviceman D, faced repeated heavy fire during the siege and sustained several wounds while protecting civilians.
Defence Minister Gerry Brownlee said the performance of the two servicemen was "of the highest order and in keeping with the finest tradition of New Zealand's military record".
The New Zealand Gallantry Decoration was awarded to two SAS soldiers who showed "exceptional gallantry" under heavy fire at the hotel siege, one of them sustaining an injury.
The New Zealand Gallantry Medal was awarded to five other members of the regiment who displayed bravery at the hotel attack and at a separate incident at the British Council Office Compound in Kabul in September 2011. SAS soldier Corporal Doug Grant was killed at the attack on the British diplomatic offices.
Mr Brownlee said: "Our NZSAS personnel operate in dangerous and volatile situations and all of these men have demonstrated extreme courage in the face of a determined enemy."