The pair, who appeared together in the 1990s series, were photographed embracing at the eighth annual ceremony in Los Angeles on Saturday night.
Anderson starred as C.J. Parker between 1992 and 1997, while Hasselhoff played Mitch Buchannon from 1989 to 2000.
Current Dancing With The Stars competitor Anderson was at the event to present Charlie's Angels actresses Cheryl Ladd and Jaclyn Smith with the 'Pop Culture Award', which included a tribute to their late co-star Farrah Fawcett.
Other winners on the night included Mel Brooks and Carl Reiner, the casts of Glee and Everybody Loves Raymond, and sitcom Bosom Buddies.
The TV Land Awards will air this Sunday at 9/8c on TV Land.