BikeNZ and Sparc, the Government's sports funding body, arranged the function to celebrate the 15 cyclists who won 18 world titles between them this year.
Shanks became the poster girl for the New Zealand high-performance programme after winning the world pursuit title in Poland in March.
She also led the New Zealand pursuit team to silver.
Duffy (77) won the 75-plus 10km points race at the world masters track championships in Sydney in October.
Apart from Shanks, the only elite New Zealand world champion this year was Sarah Walker (Kawerau), who won both Olympic class and cruiser class gold at the world BMX championships in Adelaide in July.
Wellington's Paula Tesoriero won two world paracycling titles, while the talented Sam Webster (Auckland) won three world junior titles.
The youngest rider honoured at the function was 6-year-old Rico Bearman (North Harbour), who won a world BMX title.
The 18 world titles were among 40 podium placings for New Zealand cyclists at world events this year.
BikeNZ chairman Richard Leggat said the organisation's high-performance programme was producing results.
Sparc chief executive Peter Miskimmin said the cyclists and BikeNZ had delivered on the investment from the Government.
"The achievements of these 15 athletes are tremendous. It is simply extraordinary that a single sport has produced 18 world titles in a single year."
