The 5-foot-11 inch Lawson, a Clinton, Md., native, was the ACC player-of-the-year last season. He averaged 16.6 points per game with 42 steals and 230 assists in 35 games.
Lawson shared team MVP honors with four-time all-America forward Tyler Hansbrough.
Ellington, a 6-foot-4 native of Wynnewood, Pa., averaged 15.8 points with 4.9 rebounds in 38 games (37 starts) and was UNC's most reliable 3-point shooter.
Both players received the blessing of Coach Roy Williams before announcing their decisions at a Thursday news conference in Chapel Hill.
"I think what these two youngsters did was to make good decisions," Williams said. "I'm as happy as I could be for both of them because they're realizing a dream. When I recruit, I want to get guys that are so good that they'll have this choice every year."