Farrell and Itoje were also on the shortlist for the 2016 award but lost to Barrett, who became the fifth straight New Zealand player to win the accolade after Dan Carter (2012, '15), Kieran Read (2013) and Brodie Retallick (2014).
There was disappointment for Irish and Welsh fans as Sean O'Brien and Jonathan Davies were two players many supporters expected to make the five-man shortlist but the pair missed out.
All Blacks first-five and 2016 victor Beauden Barrett has been nominated again while also joined by breakout winger Rieko Ioane - England's Owen Farrell and Maro Itoje join them as well as Wallabies fullback Israel Folau.
It is the second year in a row that Farrell and Itoje have had their performances rewarded with a nomination.
The try-scoring machine said the team is grateful for what they have.
The victor will be announced on November 26.
"As ever, the selection of men's and women's 15s player of the year nominees by the panel has excellence as the core consideration and all are not just superb players, but role models".
"I am sure there will be lots of debate over the coming weeks. I'd like to thank the panel for their expert consideration and look forward to the winners being announced at the World Rugby Awards in Monaco".