De Minaur, 25, won his third player of the year crown, and second on the bounce, on Monday night in Melbourne, while Ebden received the award for the first time.
He reached the second week of every slam, including quarter-finals of the French Open, Wimbledon and US Open and rose as high as world No.6.
De Minaur pushed through a hip injury that ended his Wimbledon run and affected the rest of his year to become the first Australian since Lleyton Hewitt in 2004 to qualify for the elite eight-man ATP Finals.
He was also the first Australian since Hewitt in 2005 to reach three major quarters in a calendar year.
Ebden, 37, won the Australian Open doubles title with Rohan Bopanna, reached the doubles world No.1 ranking and, with John Peers, claimed Olympic doubles gold in Paris.
Ebden (left) was rewarded for a stellar doubles year, including Paris gold with John Peers. (Dan Himbrechts/AAP PHOTOS)
"I'm so proud and happy to win the Newcombe Medal award again, and want to say how much I appreciate it, and also being able to share it with Matt," de Minaur said in a statement from London.
"It's been an incredible year for Australian tennis and I'm just so happy to be part of it.
"Let's all fight to have an even better year in 2025."
De Minaur shared the award with Ash Barty in 2018, while he won last year's medal outright.
Alexei Popyrin is arguably the unlucky man to miss out.
The 25-year-old became the first Australian since Hewitt in 2003 to capture a Masters 1000 title, when he claimed glory in Montreal.
Popyrin also upset Novak Djokovic at the US Open and is closing on the world's top 20.
De Minaur and Ebden won the award, named after tennis great John Newcombe, ahead of Popyrin, Jordan Thompson, Peers, Max Purcell and Olivia Gadecki.
De Minaur became the first Australian in 19 years to reach quarter-finals at three grand slams. (Lukas Coch/AAP PHOTOS)
"Alex and Matt have made the entire Australian tennis community incredibly proud, not just with their outstanding achievements, but with the passion, resilience, and determination they've shown all year," Newcombe said.
"Alex's rise into the world's top 10 is a remarkable accomplishment and a true reflection of his tireless work ethic and ability to overcome challenges.
"Watching him grow as a player and push the boundaries of his potential has been nothing short of inspiring.
"Matt's extraordinary success in doubles, highlighted by a Grand Slam victory and his historic run to Olympic gold, along with his unwavering commitment to represent Australia in Davis Cup, is a testament to his exceptional skill and character.
"Their contributions exemplify the very best of Australian tennis values and traditions."
Samantha Stosur presented long-time official Pam Whytcross with the prestigious Spirit of Tennis Award.
The evening also included a tribute to tennis legend Neale Fraser, who died last week.
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