Midfielder Bailey and right-back Richardson were told of their inclusion at a star-studded awards ceremony at London's Grosvenor House hotel on Sunday night.
The analysis of Richardson read: "There were a few eyebrows raised when Leeds United released Richardson last summer, but what has been the Yorkshire outfit's loss has definitely been Charlton's gain as the 27-year-old has enjoyed an outstanding season at right-back for the promotion-chasing Addicks.”
On Bailey, the statement said: "Nicky continues to pull the strings in midfield for promotion-chasing Charlton in what has been an outstanding season for the 25-year-old. The former Southend United player was linked with a string of teams in January, but Addicks boss Phil Parkinson was adamant that his man was going nowhere.”
Richardson has been one of Charlton's most consistent performers this term after arriving on a free transfer from Leeds.
To date, he has featured in 36 games for the Addicks, scoring his first goal in last month's 2-2 draw at home to Gillingham.
Bailey, who has hit 12 goals this term, is Charlton's reigning player of the year after notching 13 times in the Addicks' disappointing 2008/09 season.
It's a title Bailey has become used to winning, having scooped Southend's equivalent accolade in 2007/08 and Barnet's in 2005/06, when he also won the Bees' young player gong.
Charlton signed Bailey in August 2008 in a package that could reach £750,000, and the Hammersmith-born ace took just four games to net his first goal, a sign of things to come.
The League One team of the year consisted of Southampton goalkeeper Kelvin Davis behind a defence of Richardson, Leeds' Patrick Kisnorbo, Norwich City's Gary Doherty and Ian Harte of Carlisle United.
The midfield was Wes Hoolahan (Norwich), Jason Puncheon (Southampton), Robert Snodgrass (Leeds) and Bailey, with Rickie Lambert (Southampton) and Grant Holt (Norwich) in attack.
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