Staff Sgt. James Wesley McLaren tried to help a suicidal man who had jumped into the water near Cape Dorset, Nunavut, in May 2009.
McLaren crawled to the edge of the ice and threw a rope to the intoxicated man, but he refused to grab it.
McLaren also pulled the man's distraught girlfriend to safer ice until search-and-rescue teams arrived.
Const. Shaun Nicholas De Grandpre rescued two people near Tuktoyaktuk, N.W.T., in June 2010.
The two were struggling in the water 100 metres from shore, so De Grandpre plunged into the freezing water and pulled them to safety.
Four RCMP officers were among the 44 people who received the medal of bravery Friday at a ceremony at Rideau Hall in Ottawa.
The Queen created the medals in 1972 to recognize groups or individuals who have shown acts of bravery in hazardous circumstances.