Officers were called to the scene after two men were found with serious injuries in and around The Planet Nightclub in September 2017.
Sergeant Paul Frear provided first aid to one victim whilst PC Paul Bishop assisted the other before ambulance crews arrived.
PCs Neil Thompson, Abigail Chandler and Thomas Fleming helped control a difficult scene, obtain witness accounts and identify lines of enquiry which led to an arrest days later.
The two victims, aged in their 20s, recovered from their injuries.
The officers were awarded a Chief Constables Team Award and Royal Humane Society Certificates during a ceremony at Tally Ho conference on January 22.
Chief Inspector Tom Chisholm, from Wolverhampton Police, said: "This was a real team effort and their quick actions not only helped two injured men, but also led to the arrest of their attacker."
The attack happened close to the Broad Street car park at around 1.30am on September 28 2017,
One of the victims was initially treated inside The Planet Nightclub.
The man, in his 20s, was stabbed in the neck and chest.
He was treated inside the nightclub, which usually closes at 4am, before being taken to hospital.
The other victim, another man in his 20s, was taken to hospital with stab wounds to his arm and back.