McDermott played 71 Tests and 138 ODIs between 1984 and 1996, spearheading Australia's attack during the team's rejuvenation under Allan Border.
Tredrea was regarded as one of the quickest bowlers to play the women's game. She appeared in 10 Tests and 31 ODIs between 1975 and 1988 including four World Cups.
"The selection committee considered a number of nominees to ultimately choose two of the best players Australia has produced for their contributions to club, state and international cricket," Peter King, the chairman of the Hall of Fame, said. "Sharon and Craig are well deserved inductees into the Australian Cricket Hall of Fame to join an elite group of people who have given so much to cricket, the game we love."
"Sharon was a trailblazer of the women's game during her career at a time when opportunities for our women's cricketers were few and there was little or no funding available to them."
"She was a fierce competitor on the field who always strived for the ultimate performance but was equally gracious off the field.
"Craig remains one of Australia's standout fast bowlers after a stellar playing and coaching career. He endured his fair share of injury given the rigours of pace bowling over a long period of time but fought back each time, highlighting his mental and physical toughness.
"Craig led the Australian attack through a difficult period of recovery under Allan Border, ultimately starting the following eras of success for the Australian men's team."
McDermott, who made his debut as a 20-year-old, had an especially impressive record against England with 84 wickets at 26.30 from 17 Tests including his career-best 8 for 97 at the WACA in 1991 and a haul of 32 wickets in the 1994-95 series.
After his playing career McDermott returned to the game as a coach with Australia's Centre of Excellence during a time when Mitchell Starc, Josh Hazlewood and James Pattinson were emerging and in 2011 became Australia's fast-bowling coach.
Tredrea had impressive all-round figures, average 31.45 with the bat in Tests and 26.13 with the ball alongside 27.78 in the bat in ODIs and 16.28 with the ball. Her best Test return of 4 for 22 came against New Zealand at Adelaide in 1979 in a match where she claimed 7 for 47 overall.
The best player from the Victoria women's team is given the Sharon Tredrea Award.