Sydney Swans AFLW players Paige Sheppard and Alexia Hamilton ...

Two Sydney Swans AFLW players charged by police with drug possession have been suspended for two games by the AFL.

Alexia Hamilton and Paige Sheppard were found to be in possession of an illicit substance while outside a hotel in Sydney's eastern suburbs and charged last December.

It came after the Swans' AFLW season ended when the side was defeated by Adelaide.

Both players were sentenced to a 12-month conditional release order on January 30 at Waverley Local Court in Sydney.

The Swans notified the AFL Integrity Unit (AFLIU) who interviewed both players and found them guilty of engaging in conduct unbecoming.

Ms Hamilton and Ms Sheppard accepted a two match sanction as a result on Tuesday.

The pair conveyed regret over the incident in separate statements.

"I would like to express my remorse and apologise to the Sydney Swans family, my team mates, family and friends for making this mistake," Ms Sheppard said.

"I am fully aware I have made a bad error of judgement and will be working hard to earn back the respect of my teammates."

Ms Hamilton said she was "extremely embarrassed and apologetic for my actions, and the position I have put my family, friends and teammates in".

"I understand I have significantly broken trust, and I apologise to our members, fans and club partners for that. I accept full responsibility for my actions," she said.

Sydney Swans CEO Tom Harley said the club was disappointed by the behaviour of both players.

"Our football club has standards of behaviour that we expect all our people to live up to," he said.

"This behaviour has fallen short of those standards, which is disappointing, and we are supportive of the AFL sanctions as we believe they are appropriate."

He added that all Swans players are "educated about the impacts of drug use" and that both Ms Sheppard and Ms Hamilton "understand their position as role models in the community".

"They have both cooperated fully with the club and the AFL throughout this matter and have shown contrition through their actions," he said.

"We are working with both from a welfare and education perspective to ensure they receive the necessary support."

According to the club, Ms Sheppard and Ms Hamilton are the first players in the AFLW to be charged with possession of an illicit substance.

Ms Sheppard and Ms Hamilton will not have notifiable adverse findings registered against them as AFLW players are not currently subject to the league's illicit drug policy framework.

The AFL is currently reviewing the policy.