Sharman, already a Hall of Fame player, was elected this time as a coach. He joined John Wooden and Lenny Wilkens as the only members inducted as both a coach and player. Sharman coached in the NBA and two other pro leagues.
Drexler, who was known as "Clyde the Glide," was a nine-time NBA All-Star with the Houston Rockets and Portland Trail Blazers.
Others enshrined were Lynette Woodard, Drazen Dalipagic, Jerry Colangelo and the late Maurice Stokes.
Woodard starred at the University of Kansas and in the Olympics. Dalipagic, of Yugoslavia, was the top European point guard of his era. Colangelo is the owner of the Phoenix Suns. Stokes was an NBA Rookie of the Year and three-time All-Star who died in 1970.
"To be in the same place as some of the greats in the game is an odd feeling," Drexler said.
"It's absolutely the zenith. It's a humbling experience," said Colangelo, who has been on the league's Board of Governors since 1968.