Martha Marcy May Marlene star Olsen will go head-to-head for the award with Riseborough, who found success with a lead role in Madonna's historical drama W.E.
They are both on the female-dominated shortlist along with Atonement's Juno Temple and Anna Karenina star Alicia Vikander, while the only male contender is Life of Pi's lead actor Suraj Sharma.
Olsen says of her nomination, ""Being considered for this award is a huge honour. So many actors whom I admire have been recognised in this category and I'm very thankful to BAFTA and the jury for selecting me.""
Riseborough adds, ""To even be counted amongst this and the last seven years' rising star nominees feels utterly phenomenal! BAFTA nurtures new talent throughout the international film community so I am so very grateful to be given this fantastic opportunity...""
The winner will be announced during the BAFTA awards ceremony in London on 10 February (13).
The female-focused nominations come a year after BAFTA bosses came under fire for failing to include any women in last year's (12) Rising Star shortlist.
Captain America: The First Avenger star Hayley Atwell said at the time, ""There were girls on the longlist and I think it's really odd that girls haven't made it where guys have. We'd hope that gender doesn't really come into it and it's about the body of work that they produce that year, but it seems that hasn't been the case.""
Previous winners of the award, which is voted for by the public, have included Eva Green, Kristen Stewart, James McAvoy, Shia LaBeouf and Tom Hardy.