Beverly Sills and Richard Dreyfuss are the Hasty Pudding selections for the 1978 Woman and Man of the Year, the Hasty Pudding Theatricals announced yesterday.

Beverly Sills, the renowned soprano operatic singer considered the best in the field, will receive her award on February 15 following the traditional parade at 2 p.m.

Richard Dreyfuss, who first gained recognition for his role in Robert Altman's "American Graffitti," will accept his award on February 22, opening the night of the Hasty Pudding's "A Thousand Clones," the Hasty Pudding announced yesterday. He is the 12th recipient of the award.

Gene Kelly was among the choices for Man of the Year but because of his schedule, he was forced to turn it down, Dale Olsen, Kelly's press agent said yesterday. "Gene would have loved to come but he just couldn't," Olsen said.

Dreyfuss has recently entered the limelight with his performances in "Jaws," "Close Encounters of the Third Kind," and "Goodbye Girl."

He received the Golden Globe award for best actor in a comedy or musical from the Foreign Press last week in addition to having been chosen best actor by the Theater Owners of America West.

Meyer Mishkin, Dreyfuss's press agent, said yesterday, "If it was the first award he had been offered this year he would be more excited. But I am sure he is flattered."

On hearing of his selection as Man of the Year, Dreyfuss said, "Hey that would be fun," Mishkin said.

Sills is the 28th recipient of the Woman of the Year Award, which is given to a woman in the arts who "best demonstrates great artistic skills and feminine qualities," the Hasty Pudding said yesterday.

Sills recently announced her planned retirement from the stage in 1980, when she will become co-director of the New York City Opera.

She will be accompanied by her husband. Peter B. Greenough '39, a former Pudding member, and daughter Muffy, a high school senior, at the presentation of her award--an engraved "Pudding Pot"--in the Hasty Pudding building following the parade Feb. 15.

Sills could not be reached for comment