The men, aged 34 and 35, were seriously injured in the incident in Westmoreland Street, in the Govanhill area of Glasgow, yesterday.
A disturbance involving at least four men broke out at about 11pm after a party spilled into the street, police said.
The 34-year-old is in a serious condition in intensive care at Glasgow Victoria Infirmary, while the 35-year-old is in a stable condition.
Detective Inspector Alan McAlpine said: "The two injured men had been at a party nearby which appears to have spilled on to the street.
"From other witnesses there was a bit of a commotion outside, which I am in no doubt that at that time of night people would have heard."
Extra patrols are being carried out in the area and police want to trace two suspects who were involved in the disturbance.
The first is described as white, 5ft 7in, bald, and was bare chested at the time. The second man is also white, 5ft 5in, with dark brown hair and a red T-shirt.
Anyone with information can contact Police Scotland on 101 or Crimestoppers on 0800 555 111.