Jones and Tagliabue were chosen Tuesday by the contributor committee.
The Cowboys won three Super Bowls in a span of four seasons from 1992 to 1995 after Jones bought the team in 1989 and fired Tom Landry, the only coach the franchise had known.
Former Cowboys coach Jimmy Johnson, who replaced Landry, congratulated Jones on Twitter for being a finalist.
The 73-year-old billionaire who made his fortune in the oil business was also a pioneer in sponsorships, sparking a lawsuit from the NFL when he struck deals outside the league's revenue-sharing model.
Tagliabue was commissioner from 1989 through 2006, a period during which the NFL expanded from 28 to 32 teams and built 20 new stadiums. He helped negotiate a $25 billion TV deal in 2006, and the NFL Network was launched during his tenure.
The 2017 class will be selected during Super Bowl weekend in February.