The two leading ladies have been nominated as the 'most entertaining actor in a romantic role' at the BIG Star Entertainment Awards.
The award distribution function will be held on December 15.
While Priyanka has been nominated for 'Barfi', Parineeti figures in the nomination list for her performance in 'Ishaqzaade'.
Both the actresses have won critical acclaim and audience applause for their respective roles.
Priyanka's journey to stardom took off as she won national and international beauty pageants, while Parineeti started her career on a much quieter note till she finally bagged her debut movie 'Ladies vs Ricky Bahl'.
The other actresses in the nomination list are Anushka Sharma and Katrina Kaif (Jab Tak Hai Jaan) and Deepika Padukone (Cocktail).