Constable Lucy Jonas and colleague Constable Max Freer were presented the awards by Queenstown Lakes Mayor Jim Boult during a special ceremony on Monday.
On August 18 the pair were called to a possible stabbing in the resort's CBD.
Const Jonas, who graduated from police college about six months ago, held the victim's stomach together while waiting for a St John ambulance to arrive, while Const Freer, who had been on the beat for only about two months, preserved the crime scene.
Mr Boult said it was ''very rare'' to present bravery awards.
He had been inspired to do so after reading about their actions.
Detective Senior Sergeant Malcolm Inglis, of Queenstown, said it was uncommon for the resort's police to be recognised in such a way by the mayor, although it was well deserved.
