Defensive end Richard Dent, who played the bulk of his career with the Chicago Bears, tight end Shannon Sharpe, formerly with the Denver Broncos and NFL Films founder Ed Sabol were also voted in, along with former Washington Redskins linebacker Chris Hanburger and the late Les Richter.
To be elected, a finalist must receive a minimum vote of 80 percent from the 44-member selection panel.
Two-times Super Bowl winner Sanders, now a popular television presenter, played as a kick and punt returner, cornerback and later a wide receiver. He also played for the Atlanta Falcons, San Francisco 49ers, Washington Redskins and, after returning from a three year retirement, the Baltimore Ravens.
Faulk, who began his career with the Indianapolis Colts, was a two-time NFL MVP and was a Super Bowl winner with the Rams at the end of the 1999 season.
Hanburger and Richter, who played for the Los Angeles Rams in the 1950's, were elected to the Hall of Fame by the senior committee.
(Reporting by Simon Evans in Dallas; Editing by Julian Linden)