Spencer is the recipient of the 2014 George Gross Award for outstanding sportswriting while Hayward is being honoured for outstanding photography.
Both are being singled out for their work at the Sochi Olympics earlier this year.
Based in Calgary, Spencer has been CP's lead Olympic reporter for nearly a decade.
"Nobody knows Canada's Olympians better than Donna," said Canadian Press Sports Editor Julie Scott. "That knowledge, along with her tireless work ethic and passion for the job, are what make her one of this country's best and most respected Olympic reporters. It's great that she is being recognized for all her tremendous work before and during the Sochi Games."
Hayward is based in Vancouver and has shot numerous Olympics, including the 2010 Games in his home city.
"Jonathan's work is always exemplary, you won't find a harder working photographer in the country," said Graeme Roy, the Director of News Photography at The Canadian Press. "He's always digging out new stories, or new ways to tell a story. So it comes as no surprise that he is being recognized for his excellence with this award, it is truly well deserved."
CBC's Scott Russell is the winner of the award for outstanding broadcasting.
Broadcaster Fred Walker is being honoured for career achievement while Anne Merklinger of Own The Podium earned Executive of the Year honours and Rogers Communications is taking home the President’s Award following their blockbuster broadcast agreement with the NHL.
Joining the honour roll posthumously are sports radio pioneer Len Bramson, former "Hockey Night in Canada" host Ward Cornell and former reporter/columnist John Roberston.
The awards will be presented Nov. 5 in Toronto.
Sports Media Canada is the Canadian chapter of A.I.P.S., the international association of sports journalists.