Police say a "despicable and cowardly assault" with a knife and dog chain could easily have resulted in the victim's death.
Kyle Dixon, 23, and Mark Roberts, 31, left their victim hospitalised as a result of the brutal assault in the city's Hylton Road in August last year.
The pair denied charges of wounding with intent to commit grievous bodily harm and possessing an offensive weapon.
But they were found guilty following a five-day trial and have been remanded in custody until they are sentenced later this year.
Detective Sergeant Gaye Martin, of Northumbria Police, said after the verdict: “This was a despicable and cowardly assault which caused a lot of distress to the victim and the community as a whole.
“Armed with weapons caused to inflict maximum damage, Dixon and Roberts set upon their victim and left him with serious injuries that could so easily have proven fatal.
“They then had the audacity to claim the victim had wrongly identified them as the perpetrators, and showed no sign or remorse or regret following the attack. As a result, there can be no doubt that Sunderland is a safer place with these two individuals off the streets.
“I hope today’s conviction sends out a message to other criminals that this type of behaviour is totally unacceptable and we will continue to look to bring offenders to justice.”
The trial heard Roberts, of Guildford Street, Hendon, Sunderland, stabbed Christopher Reed four times while.Dixon, of Warwick Street, near Newcastle Road, Sunderland, attacked him with a dog chain on August 25 last year.
Mr Reed, who had encountered the thugs while on a night out with a friend, picked the pair out at a photographic identity parade although both insisted it was not them.