McFadden, who ran for 1,725 yards with 15 touchdowns at Arkansas this season, won the Doak Walker Award that goes to the nation's leading running back.
Tebow, who threw 29 touchdown passes and ran for 22 more scores at Florida, captured the Davey O'Brien Quarterback Award.
The honors were handed out at the annual awards presentation in Orlando, Fla. Earlier in the day, McFadden won the Walter Camp Football Foundation's Player of the Year award.
Both will be on hand in New York Saturday night for the awarding of the Heisman Trophy, which goes to the nation's most outstanding collegiate football player.
Other honorees Thursday night included:
-- Arizona defensive back Antoine Cason (Jim Thorpe Award).
-- Arizona State kicker Thomas Weber (Lou Groza Award).
-- Georgia Tech punter Durant Brooks (Ray Guy Award).
-- Texas Tech receiver Michael Crabtree (Fred Biletnikoff Award).
-- LSU defensive tackle Glenn Dorsey (Outland Trophy).