La Roja won a record-breaking fourth European Championship crown on Sunday evening courtesy of a 2-1 victory over England in the final of the competition.
Rodri was forced off at the interval of the contest through injury, but an outstanding tournament saw the Manchester City midfielder feature in six of his country's seven matches, and he was on the scoresheet in their success over Georgia in the round of 16.
Barcelona's Yamal, meanwhile, was in outstanding form at the competition, scoring once and providing four assists, with the 17-year-old setting up Nico Williams in Sunday's final.
After the final whistle in Berlin, it was confirmed that the Spain duo had secured the individual awards.
Yamal breaks records at Euro 2024
Aged 17 years and one day, Yamal became the youngest-ever player to feature in a World Cup or European Championship final, as he moved past Pele's record from the 1958 World Cup.
The Barcelona attacker was unable to score in the final, but he netted against France in the semi-finals to become the youngest-ever goalscorer at the competition, while he is also the youngest player to feature in the finals of a European Championship.
The teenager will now have a rest period before returning to Barcelona to prepare for the 2024-25 campaign, and he could find himself back alongside Williams at club level next term, as the Catalan outfit are attempting to sign the Euro 2024 final goalscorer from Athletic Bilbao.
Williams sent Spain ahead early in the second period against England, before Cole Palmer levelled, but Mikel Oyarzabal won it for Luis de la Fuente's side in the final exchanges.
Rodri played a vital role in Spain's success
There were fears when Rodri was forced off through injury at the interval of Sunday's final.
However, his replacement, Martin Zubimendi, put in an excellent second-half performance to help get his team over the line, with Rodri then joining in the post-match celebrations.
Spain owe a lot to Rodri for his displays throughout the tournament, though, with the central midfielder proving to be an inspirational figure.
"I know these guys, Cole Palmer is a top player. He's going to be a huge star in the next years," he told ITV Sport. "Imagine what we have next. We are so happy. We made history but it doesn't stop here. We have talent and we'll keep going. It's important to celebrate what we have done."
Rodri's midfield partner Fabian Ruiz also deserves a mention for a string of excellent performances at the competition, and it is not a shock that Spain have secured the two individual awards, as La Roja have been comfortably the best side at this summer's competition.