Paul Harrison, aged 38 and Vantu Constantin Cornel, 25, saved a woman who wanted to jump from a bridge over the Sheffield Parkway last month.
When police officers were alerted to the incident they found a woman dangling over the edge of the bridge and being held by her wrists by the two men to prevent her plunging to the ground below.
Superintendent Paul McCurry, who presented the awards on behalf of South Yorkshire Police, said: “Firearms officers said it was clear, that upon arrival, the men were the only thing that had prevented the woman from going over the side and onto the road below.
“Officers quickly pulled the woman back over the railings to safety and were able to ensure she got the help she needed.”
Mr Harrison was running when he noticed the woman on the wrong side of the railings.
He said: “I instantly went over to help, and Vanta was quickly behind me.
“We grabbed the woman, held on to her tightly and within minutes we thankfully heard police sirens.”
Sheffield CCTV operators captured the incident and alerted police officers.
Supt McCurry added: “Officers are often faced with challenging situations, the public’s support does not go unrecognised and it is great to see commendable citizenship within our communities.
“This is an incredibly proud moment to recognise the efforts of members of the public who no doubly saved the life of a woman who was in distress.”