Wells polled 22 votes to rank fourth overall, just four votes behind winner Marcus Stoinis of the Melbourne Stars.
Rashid’s 18 votes earned seventh place in the award as the only spin bowler to feature in the top 10 vote-getters.
Current BBL|09 leading runscorer Stoinis edged out Sydney Sixers import Tom Curran (24 votes) and Sydney Thunder opener Alex Hales (23) to earn the Player of the Tournament title.
Middle-order batsman Wells finished the home and away season as Adelaide’s leading runscorer for the second consecutive summer with 444 runs at an average of 74.
The 31-year-old was the club’s most consistent performer with the bat, chalking four half-centuries and finishing unbeaten seven times along with three Player of the Match awards.
Afghanistan spinner Rashid ranked third for wickets through the regular season with 18 scalps at an impressive economy rate of 7.24.
He claimed a memorable hat-trick - the first Striker to achieve the feat - against the Sydney Sixers at Adelaide Oval and continued to contribute important runs with the bat at different stages of the season.
Both players were also selected in the BBL|09 Team of the Tournament.
Player of the Tournament votes are awarded by the officiating umpires after each of the 56 home and away matches.
BBL|09 PLAYER OF THE TOURNAMENT VOTING
Marcus Stoinis (Melbourne Stars) - 26 votes
Tom Curran (Sydney Sixers) - 24
Alex Hales (Sydney Thunder) - 23
Jon Wells (Adelaide Strikers) - 22
Glenn Maxwell (Melbourne Stars) - 21
D’Arcy Short (Hobart Hurricanes) - 21
Rashid Khan (Adelaide Strikers) - 18
Chris Lynn (Brisbane Heat) - 17
Josh Philippe (Sydney Sixers) - 17
Callum Ferguson (Sydney Thudner) - 16