A season scoreboard will keep track of the tally, with the players sitting top of each chart to be announced at the national awards evening in December.
Previously, provincial players of the year have been determined at the end of the season by a judging panel.
NZ Rugby announced on Wednesday the Mitre 10 Cup's premier player will be awarded the Duane Monkley Medal, while the Fiao'o Fa'amausili Medal will be presented to the player of the year from the Farah Palmer Cup.
Monkley was a decade-long Waikato stalwart, playing 135 matches between 1987 and 1996. He continues to hold an active involvement in the game as president of the Waikato Rugby Union, and is considered a local legend for his efforts with the union.
Fa'amausili is captaining the Black Ferns in her fifth Rugby World Cup. She is set to become the first Black Fern to reach 50 tests; potentially the first woman to bring up 100 provincial matches when she returns to play for the Auckland Storm in September.
"Duane and Fiao'o are incredible individuals who have given, and continue to give, so much to our game," New Zealand Rugby head of provincial unions Steve Lancaster said.
"Their commitment, leadership and passion for the game is everything these competitions stand for and it will be a great privilege for our best players to be awarded a medal in their honour.
"Although these players proudly wore their own provincial colours, there is no doubt their contribution to the spirit and legacy of the national provincial competitions, can be celebrated by all unions."
The medals have been designed by renowned Maori artist Dave Burke, who has previously worked with NZ Rugby to design the Maori jersey.