The awards, the U.S. governing body's highest honour, are presented annually to the outstanding U.S. male and female performers.
Jones was the first U.S. sprinter in seven years to complete an undefeated season. She had 16 victories over 100 metres, four at 200 metres and one at 400 metres.
Jones also won a share of the Golden League Jackpot, winning all seven meetings at 100 metres.
Montgomery, her boyfriend, broke the men's 100 metres world record with a stunning performance of 9.78 seconds at the IAAF grand prix final in Paris on September 14.
The two will be honoured at USA Track & Field's annual meeting in Kansas City, Missouri, on Friday.