Presented with the awards by Chairman Steve Parish, both players heard a number of legendary Palace figures - players and coaches past and present - pay tribute to their careers with the Eagles.
They were then invited up on stage to collect the awards, with McArthur saying: "It was really nice to hear your teammates, the people who work with you every day, say that about you - so thanks so much.
“I’ve not really thought about [leaving] to be honest. I have a lot of very good memories and I’m forever grateful to the club for taking that chance on me.
“When you play with people for such a long time, you’ve got that bond. Special people play here and you do create that bond. I am [going to miss it] and that’s probably why I’ve not thought about it so much now! Right now, I just want to appreciate everything I’ve got.”
Milivojevic added: "Seven seasons at Palace and I think I finish this journey happy - and I didn’t murder anyone!
“I have been at this club for so long and because this club is so special, you feel it will never end, but it’s the football life.
"I want to say thank you to all of you guys: players, coaching staff, and a lot of people behind the scenes. Thank you to all of you guys who have made me feel special every day.”
Parish said of both players: "We know these two guys won’t be here next season. Roy’s touched on them from a football point of view, but I want to talk about them as people.
"When you play a Palace team, you are always going to get a game. I don’t know why, but we always always give every team a game. It’s all to do with the characters at the Football Club, and we’ve been really fortunate with those who have passed through, but none more than these two."
The Chairman’s Award for Outstanding Contribution is decided by Parish and presented to club figures who have served exceptionally, or made a notably significant contribution.
Last season’s recipient was Head of Player Care Danny Young, while previous figures to win the award include Julian Speroni, Damien Delaney, Scott Guyett and Mile Jedinak.
Full highlights of the ceremony will follow on Palace TV before the end of the season.