Both the tennis aces were crowned with the year-end title on Tuesday, Dec 23 based on their performances at grand slam events, tour events, Davis Cup and Fed Cup.
While this is the fifth time Federer has won the title, Williams took the award for the second time.
Incidentally, both the players were fined for foul-mouthed outbursts during the year and both the incidents happened at the US open.
Williams was fined 175,000 dollars and put on probation for two years by the Grand Slam Committee following the tirade targeting the lineswoman at the semifinals of the tournament in New York.
Switzerland's world number one was slapped with a fine of 1,500 dollars by the United States Tennis Association (USTA) for using foul language while arguing with an umpire during the US Open final.