The other member of the Class of 2004 was Dorothy "Dodo" Cheney, the first American to win the Australian National Championship in 1938.
Graf and Edberg were elected in the Recent Player category, while Cheney was elected as a Master Player.
Graf was presented in an emotional tribute by her husband, future Hall of Famer Andre Agassi.
Graf won 107 WTA singles titles, which trails only Martina Navratilova and Chris Evert in the Open Era, and 11 doubles crowns. She captured 22 Grand Slam singles titles -- four Australian Open Championships, six French Opens, seven Wimbledon championships and five U.S. Open titles.
Edberg won 41 singles and 18 doubles titles. He captured six grand slam titles, winning the Australian Open, Wimbledon and the U.S. Open twice each.
Swim Week Miami Beach 2014 [PHOTOS]