Rooney is one of six nominees for the PFA Player of the Year accolade he previously won in 2009/10, while Welbeck will contest the Young Player of the Year prize with five others.
Both men scored in United's 4-0 win over Aston Villa at the weekend, with Wayne's double taking his tally for the season to 31 goals, while Danny's far-post stab just before half-time brought his total up to a highly respectable 11.
Manchester dominates the running for the senior players' prize as City trio Sergio Aguero, Joe Hart and David Silva are also on the list with Rooney. Two players from the capital, Arsenal's top scorer Robin van Persie and Tottenham midfielder Scott Parker, complete the heralded half-dozen.
Aguero also features in the Young Player stakes, alongside Welbeck, Chelsea striker Daniel Sturridge, Arsenal winger Alex Oxlade-Chamberlain and two Tottenham stars in right-back Kyle Walker and midfield ace Gareth Bale - winner of the senior award last year.
The winners of both awards will be announced at a dinner in London on Sunday 22 April, when the PFA Premier League team of the year will also be named.