The comedian was recording an episode of his US show Brand X when he named the famous men and suggested they were involved in child abuse, the Daily Star reports.
During the performance, Brand began a dialogue about paedophiles, Jimmy Savile and the Operation Yewtree investigation, before naming the men in front of a shocked crowd.
He said: "And then you've got the lesser ones... the underlings. There's –––––.
"And some say old ––––– is playing around."
The newspaper reports that neither man has been convicted of a sexual offence.
Referring to the Jimmy Savile scandal, Brand said: "It puts the whole Sachsgate thing into perspective, doesn't it? 'I f**ked your adult granddaughter!' Not quite the same, is it?"
One audience member said: "A lot of people shuffled in their seats and a few were visibly shocked by the names he mentioned.
"No-one had heard these stars being linked to the Savile case. They didn't have a clue until then."
The agent for one man said there was "no comment" with regards to the incident, while the second did not respond to calls at the time of publication.
Brand X was renewed for a second series in November and has returned to FX in an hour-long format.