Also entering the Canton, Ohio, institution were NFL Films founder Ed Sabol, and linebackers Chris Hanburger and Les Richter, who were elected as senior nominees.
Faulk and Sanders made it on their first year of eligibility. Coming up a bit short in their first year on the ballot were Willie Roaf, Jerome Bettis and Curtis Martin.
Sharpe and Dent had appeared on earlier Hall of Fame ballots.
Faulk, a multi-purpose back, spent 12 seasons with Indianapolis and St. Louis and was the league's MVP in 2000 with the Rams.
Sanders is considered one of the best cornerbacks in NFL history, gaining the Pro Bowl eight times in 14 years with Atlanta, San Francisco, Dallas, Washington and Baltimore.
Sharpe, a tight end, spent 14 years with Denver and Baltimore from 1990 2003, holding held tight end records with 815 receptions, 10,060 yards and 62 touchdowns.
Dent, meanwhile, is the Chicago Bears' all-time sacks leader with 124 1/2 in two stints spanning 12 years with the team.