The pop stars – who collaborated on the single 'Telephone' – came seventh and ninth respectively joining a host of political leaders including US Secretary of State Hilary Clinton and German Chancellor Angela Merkel in the poll.
American First Lady Michelle Obama – the wife of US President Bracak Obama - took the number one spot.
According to Forbes, this year's index was based more on creative influence and entrepreneurship leading to the inclusion of Beyonce and Gaga.
Moira Forbes, vice-president and publisher of ForbesWoman, insists the people featured in the top 100 had affected billions of people.
She said: "The women on our list, through their respective realms of power and influence, are shaping many of the agenda setting conversations of our day.
"They have built companies and brands, sometimes by non-traditional means, and they have broken through gender barriers in areas of commerce, politics, sports and media and cultural zeitgeist, and thereby affecting the lives of millions, sometimes billions of people."
Other entertainers on the list include talk show hosts Oprah Winfrey and Ellen DeGeneres, who came third and tenth respectively.
2010 Forbes Most Powerful Women In The World top 10:1. Michelle Obama, US First Lady
2. Irene Rosenfeld, chief executive Kraft Foods
3. Oprah Winfrey, media mogul
4. Angela Merkel, German Chancellor
5. Hillary Clinton, US Secretary of State
6. Indra Nooyi, chief executive, Pepsi
7. Lady Gaga, singer
8. Gail Kelly, chief executive, Westpac
9. Beyonce Knowles, singer and fashion designer
10. Ellen DeGeneres, talk show hostFollow Yahoo!Xtra Gossip on Twitter