Olise is up for Goal of the Season for his stupendous solo effort against Luton Town – Palace’s landmark 600th Premier League goal – at Kenilworth Road in November.
The Palace winger faces competition from Tottenham's Pedro Porro, Brentford's Bryan Mbeumo, West Ham's Mohammed Kudus and Watford's Wesley Hoedt for the prize.
Johnstone, meanwhile, led the early running for the Golden Glove this season with five clean sheets in his first eleven appearances, and has been nominated for Goalkeeper of the Year.
He goes up against Fulham's Bernd Leno, Tottenham's Guglielmo Vicario, and West Ham duo Mackenzie Arnold and Alphonse Areola.