Paltrow, who was in attendance to present the award for 'Best Documentary' with Robert Downey Jr, landed in the number one spot as she wore a white Tom Ford dress.
Stone, who donned a Giambattista Valli Couture gown, presented the award for 'Achievement in Visual Effects' with Ben Stiller.
Elsewhere, Natalie Portman, who returned to the Oscars to hand out the 'Best Actor' award to The Artist's Jean Dujardin, placed sixth for her vintage polka dot Christian Dior.
Dujardin, who wore a tux by Lanvin, also made Vogue's top ten list.
The top ten 'Best Dressed' at Oscars 2012 is as followed:
1) Gwyneth Paltrow
2) Michelle Williams
3) Emma Stone
4) Jessica Chastain
5) Rooney Mara
6) Natalie Portman
7) Jean Dujardin
8) Jennifer Lopez
9) Rose Byrne
10) Esperanza Spalding
Watch a video of Gwyneth Paltrow and Robert Downey Jr at Oscars 2012 below (US only):
Scroll through a gallery of the Academy Awards red carpet below: