The loose forwards came out on top of the New Zealand Rugby Players Association poll.
Savea beat out fellow nominees Beauden Barrett, Anton Lienert-Brown, Kieran Read and Codie Taylor, while McMenamin edged Eloise Blackwell, Kendra Cocksedge and Ayesha Leti-l'iga.
Ruby Tui was voted women's sevens player of the year, with Tone Ng Shiu men's sevens player of the year.