The Women’s 470 class sailors, who each received a master’s of science degree from the institution in 2013, will race for Team GB at next summer’s competition in Brazil.
The duo began sailing together in 2010 and became Britain’s first world champions in May 2012, before winning silver in London later that year.
Saskia Clark said: “We have a lot to learn to about the venue in Rio and obviously we are really pleased to have come away from both test events with a medal, not the win, but medals prove we are close.
“We have a very busy year ahead to keep improving and are improving at a faster rate than anyone we are sailing against.”
The honorary graduates join six other athletes to be selected who have, between them, secured four Olympic medals and seven world championship titles.
British sailors won more medals than any other country at London 2012 – topping the table with five – and have reached the podium at the last three Olympic Games.
Hannah Mills added: “Sas and I are definitely a very different team since London, it was a late campaign and was all a bit of run at it from afar and, with everything that was going on, just do the best that we could in the time that we had available.
“This time has obviously been a lot more of a calculated four years – we are a much, much stronger team and we are really looking forward to next year.”
To find out more about Hannah Mills and Saskia Clark’s Olympic achievements visit www.rya.org.uk.