The officers attended an address in Crystal Brook, about 200km north of Adelaide, at about midday today, when they were attacked by the occupant.
9News understands their alleged attacker was shot and died at the scene.
The two injured police officers are being airlifted to the Royal Adelaide Hospital.
Their conditions are not known.
SA Police said multiple people were injured but have not disclosed the circumstances.
“Further information will be provided when known,” police said in a statement.
SA Police Association president and chief executive Mark Carroll said one officer was in “a very bad way” after the attack.
“It’s a tragedy for everybody,” Carroll said.
“We are very concerned for our members and the serious injuries they have received today.”
Carroll said the association was providing support to the officers and their families.
“This is a horrifying reminder of the levels of extreme violence frontline police officers face in the line of duty,” he said.
Premier Peter Malinauskas said he had been briefed on the incident by Police Commissioner Grant Stevens.
“My thoughts are with the two injured officers and their families,” he said in a tweet.
“Our police put their lives on the line every day to keeping us safe, for that we are forever grateful.”
