Arquette will pick up the Actress in a Leading Role - Made for TV Movie or Limited Series for her role in "Escape at Dannemora", which has also earned the Limited Series accolade, and Oh will receive the Actress in a Leading Role - Drama for "Killing Eve", which scored the Drama title, too.
Meanwhile, "Leah Remini: Scientology and the Aftermath" has been named best Non-Fiction Entertainment, and the actress will be recognised with the On-Air Talent - Lifestyle and Entertainment prize.
Other honourees include "The Affair"'s Maura Tierney (Actress in a Supporting Role - Drama), Elizabeth Perkins from "Sharp Objects" (Actress in a Supporting Role - Made for TV Movie or Limited Series), Rachel Bloom (Actress in a Leading Role - Comedy or Musical for "Crazy Ex-Girlfriend"), and Connie Britton, who will receive the Producer - Entertainment - Limited Series award, alongside Alexandra Cunningham, for "Dirty John".
The annual ceremony is presented by officials at the Alliance for Women in Media Foundation (AWMF) and celebrates women's work in radio, TV, and web-based media.
"In the more than four decades since the inception of the Gracie Awards, what stands out in 2019 is bravery," AWMF board chair Christine Travaglini shares in a statement. "The courage of storytellers to share poignant, relevant and compelling content. This will be a year of true celebration".
The ladies will all be recognised at a special Los Angeles gala on 21 May.