It is the first time in the St. Louis-based organization's 50-year history that there were co-winners.
Redick, a 6-foot-4 inch senior, was the nation's second-leading scorer at 26.8 points per contest. Morrison, a 6-foot-8 inch junior, led the nation with 28.1 points per game.
"About once in a generation, we see a situation where there are two extraordinary players who separate themselves from the rest of college basketball and clearly stand together as the best in the game," said USBWA President Tony Barnhart of the Atlanta Journal-Constitution.
The pair will be presented with the Oscar Robertson Player of the Year trophy at the site of the Final Four in Indianapolis on Friday.