The incident occurred at the Ariel junction in the West Bank. The female soldier was being taken to hospital, while the two assailants were shot by forces at the scene, the Israeli army said.
Medics described the victim's condition as "moderate to severe" and said she was around 20 years old.
Since October 1, a wave of violence has killed 196 Palestinians, 28 Israelis, two Americans, an Eritrean and a Sudanese, according to an AFP count.
Others were shot dead during protests and clashes.
Many analysts say Palestinian frustration with Israeli occupation and settlement building in the West Bank, the complete lack of progress in peace efforts and their own fractured leadership have fed the unrest.
Israel blames incitement by Palestinian leaders and media as a main cause of the violence.
Most of the attackers have been young people, including teenagers, who appear to have been acting on their own.
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