The friends were hit by the car as they walked along a pavement in the centre of Wednesbury in the early hours of Sunday morning.
The victims, aged 19 and 20, were both seriously injured and taken to hospital where they remained in a stable condition on Sunday afternoon.
The driver fled after crashing into the women in Lower High Street just after 1.45am, West Midlands Police said.
Officers believe the women were deliberately targeted.
Lower High Street was cordoned off as a result and remained closed until Sunday afternoon.
Police tape closed the road from Market Place to Russell Street as forensic teams examined the scene and gathered evidence.
By 3pm the police cordon had been lifted, with only a small strip of tape left tied to a lamppost.
One woman, who worked at a restaurant, said she was "shocked" by the incident, adding: "We did not know what happened. We had to open one hour late as a result, we are catching up (with orders)."
Detective Inspector Gemma Black, from West Midlands Police CID, said: “I would appeal for any witnesses who were in the area at the time who have not yet spoken to us to get in touch.”
"You can get in touch via Live Chat at west-midlands.police.uk between 8am and midnight every day, or by calling 101 anytime. To remain anonymous please call Crimestoppers on 0800 555 111. Please quote log number 262 July 11."