Muthusamy shone with outstanding performances with bat and ball in the Test series in Pakistan while Wolvaardt's superb efforts with the bat and her leadership in the ICC Women''s World Cup led the Proteas Women to reach the final.
Wolvaardt was the leading scorer at the global tournament, aggregating 571 runs, with 470 of them coming from eight matches played in October.
She struck three half-centuries and helped win the semifinal against England with an epic 169 to set up a mouth-watering final against co-hosts India.
Wolvaardt, who edged out India opener Smriti Mandhana and Australia allrounder Ash Gardner for the award, said she was proud to have stood out in such a high-profile tournament.
The Proteas Women's skipper added: "It's an honour to win this award following the team's World Cup performances in India, as part of a historic event for women's cricket.
"The tournament featured outstanding matches and remarkable displays, which makes this recognition especially meaningful.
"While winning the tournament would have been ideal, we take pride in our victories and the unbreakable spirit we showed, while remaining confident that an ICC World Cup title is within reach.
“I appreciate everyone's support, and I will always strive to make you proud on the field.”
Muthusamy, meanwhile, was named the player-of-the-series in Pakistan as the sides drew the two-match series 1-1.
The left-arm spinner grabbed 11 wickets in the first Test in Lahore that was won by Pakistan. He then top-scored in the second innings of the Rawalpindi Test with 89 as the Proteas won by eight wickets.
Muthusamy, who won the award ahead of spinners Noman Ali of Pakistan and Rashid Khan of Afghanistan, said he was proud of his performances in the longest format of the game.
"It feels great to be named the Player of the Month by the ICC," Muthusamy said. "Especially since it comes for performances in Test cricket, a format that every player wants to excel in.
"Playing for a side that won the ICC World Test Championship this year is a matter of great pride. I was privileged to be part of such a competitive series in Pakistan and am happy to have contributed with both ball and bat.
"I would like to thank my team-mates for their support and look forward to contributing for my team in the years to come."
Proteas head coach Shukri Conrad has compared the upcoming series in India to the World Test Championship final and has backed his charges not to be overawed by the occasion.
Keshav Maharaj feels the upcoming Test series in India is the perfect opportunity for the Proteas to demonstrate how far they have come as a team.
Proteas captain Temba Bavuma spent valuable time in the middle ahead of the Test series in India after scoring a fifty in South Africa A's record run-chase against India A in Bengaluru.
The Proteas suffered a calamitous batting collapse as Pakistan claimed a seven-wicket win in the third and final ODI in Faisalabad on Saturday and with it a 2-1 series victory.
