Playbill said that Fox received her Susan Smith Blackburn Prize nomination for her work ,"One Thing I Like To Say Is," while Cho is aiming to win the honor for her play, "The Piano Teacher."
Along with Cho and Fox, the other finalists vying for the prize's $10,000 top award are playwrights Lucy Caldwell, Sheila Callaghan, Katie Douglas, Stella Feehily, Julia Jordan, C. Michelle Kaplan, Nell Leyshon, Tamsin Oglesby, Abbie Spallen and Francine Volpe.
The annual award was established back in 1978 for Smith, an iconic U.S. playwright, and has since been used to honor outstanding quality in the English-speaking theater genre.
Last year's co-winners of the prestigious award were playwrights Elizabeth Kuti and Amelia Bullmore, who won for "The Sugar Wife" and "Mammals" respectively.
Playbill said each of the 12 finalists receives $1,000 for being chosen and the final winner will be announced later this month in either London or New York.