Vunipola, the Saracens prop who was this week named in the 2013 British and Irish Lions squad, and Wasps lock Launchbury both made their England debuts this season.
Wade has scored 11 Aviva Premiership tries in a dazzling season and he also features in both categories. No player has ever won both awards.
The shortlist for Computacenter Players' Player of the Year is completed by the Leicester pair of hooker Tom Youngs, who also made an eye-catching international breakthrough this year, and flanker Julian Salvi.
The LV= Young Player of the Year, for players under 23 at the start of the season, is dominated by Wasps with Launchbury and Wade joined by number eight Billy Vunipola and full-back Elliot Daly.
The six-man shortlist is completed by Exeter full-back Jack Nowell.
The winners will be announced at the RPA awards dinner in London on May 22.
- Sports & Recreation
- Aviva Premiership