Kiprusoff was named the first star of the week while Budaj earned first star honours for the month of March. Kiprusoff led the Flames to three consecutive victories last week, posting a 1.30 goals-against average and .959 save percentage.
Florida Panthers centre Olli Jokinen was named the second star of the week while Red Wings goalie Dominik Hasek captured the third star honour.
Jokinen led all scorers with one goal and six assists in four games last week while Hasek led Detroit to a 2-0-1 record, posting a 1.30 goals-against average and .951 save percentage.
Budaj posted a 10-0-2 record with a 2.24 goals-against average and .910 save percentage in 13 games in March.
San Jose forward Joe Thornton was named the second star for March while Vincent Lecavalier of the Lightning earned third star honours.
Thornton led all NHL scorers last month with five goals and 19 assists in 14 games while Lecavalier was second with 10 goals and 12 assists in 14 games.
Meanwhile, Buffalo Sabres forward Drew Stafford was named rookie of the month.
Stafford scored nine goals in 15 games to edge an impressive rookie field. He scored his third game-winning goal of the season March 3 against Toronto.
The 21-year-old Milwaukee native was Buffalo's first choice, 13th overall, in the 2004 draft.