At a special ceremony in London overnight, multi-world champions Richards and Palmer were among six women to be named in the Hall of Fame, with 15 former greats in total getting the honour.
Richards won 49 caps, an all-time Black Ferns record, in a stellar playing career that spanned almost two decades of continuous service, winning four women's Rugby World Cup titles. Palmer captained the side to three World Cup titles from 1998 to 2006 and was named International Women's Personality of the Year in 2005.
Palmer played 35 tests for the Black Ferns, losing just once.
Other female members into the Hall of Fame were American Patty Jervey, winner of the first ever women's World Cup in 1992, French coach Nathalie Amiel, former England captain Carol Isherwood and England great Gill Burns who played 73 times for her country.
"The IRB Hall of Fame recognises those who have made an indelible mark on our sport through feats on the field of play, displays of great character or through their tireless and inspirational work in driving forward our great game," said IRB Chairman Bernard Lapasset.
"It is particularly pleasing to be able to induct the first women into the IRB Hall of Fame. These six were wonderful players and, in many ways, trail-blazers for the women's game in their countries and around the world. We saw the success of the Women's Rugby World Cup this year in France and it is doubtful that would have been possible if not for the pioneering spirit of those great players and personalities that went before.
The male inductees included Australian first five-eighth Michael Lynagh, Irish hooker Keith Wood, England prop Jason Leonard, Welsh greats JPR Williams, Ieuan Evans and Keith Rowlands, Scotland's Jim Greenwood, Jo Maso of France and England's Bill Beaumont.
Earlier in the year former All Blacks Grant Fox, Graham Mourie, Fred Allen, Sir John Kirwan, Ian Kirkpatrick, Michael Jones, Sean Fitzpatrick, Don Clarke, George Nepia, Sir Colin Meads and former Herald journalist Sir T P McLean were inducted into the Hall of Fame.
