The ultras shot at the two cops from close range at Mill Stop in Zadibal area which connects the city to the Hazratbal Shrine and super speciality SKIMS Hospital at Soura, a police official said.
The two cops died on the spot, he said, adding the deceased have been identified as Assistant Sub Inspector Ghulam Mohammad and Head Constable Nazir Ahmad.
The slain cops were posted at Zadibal Police Station.
Police and other security forces have been put on an alert to look out for the assailants, who managed to flee the spot.
The last such attack took place on June 22, 2013 when two policemen were shot dead at Hari Singh High Street.