The league announced Saturday that Lupul would be an assistant for Boston Bruins' defenceman Zdeno Chara, while Lundqvist would second Daniel Alfredsson of the host Ottawa Senators.
Lupul and Lundqvist will assist their captains in selecting the all-star teams during the player fantasy draft on Jan. 26. They will also help their captains set the rosters and lineups for the all-star skills competition on Jan. 28 and the all-star game itself on Jan. 29.
Both assistant captains are having career seasons.
Lupul is fourth among NHL scorers with 51 points in 46 games in his eighth season in the league. He has teamed with fellow all-star Phil Kessel to become the league's top-scoring tandem.
Lundqvist, meanwhile, has a 1.93 goals-against average and a .936 save percentage with 20 wins and four shutouts in 34 appearances for the first-place Rangers.