Both managers were honoured at a special LMA dinner on Thursday evening in Manchester.
Following his induction, Guardiola said: "It is an incredible honour to be a part of it, for the rest of my life and for generations, to be in this Hall of Fame in English football.
Meanwhile, Klopp said: "This is really special, to be a part of this incredible group of managers is big." He later added: "Tonight my family and coaches are here. I wanted them all to be here because it is very important in our family history."
On the career achievements of Pep and Jurgen, LMA Chairman Howard Wilkinson said: "Both individuals have demonstrated incredible drive, innovation and dedication to management and coaching. Since arriving in England, they have built two of the best teams in Premier League history and have done so with humility and honour.
LMA Chief Executive Richard Bevan said: "The LMA congratulates both managers on their achievements and looks forward to seeing them continue their pursuit of excellence with their respective clubs."
"Pep has achieved remarkable success with three of the world's biggest clubs. His incredible haul major domestic and continental titles across Europe, demonstrate how his coaching and leadership has combined tactical inspiration with his insatiable will to win, to enable the highest level of performance from his players and staff.
"Not only has Jurgen redefined man-management in the modern era, he has established a footballing identity which each of his teams has personified. Through hard-work and exceptional coaching, he has delivered performance levels and consistency rarely seen in European football," he added.
( With inputs from IANS )