The incident occurred while the 44-year-old victim was walking along High Street in Kemnay at around 9pm on Friday.
The two men then demanded the woman hand over a two-figure sum of money.
Police said that the men – who spoke with English accents – then took off towards The Burnett Arms Hotel.
Detective constable Chris Bruce, of Ellon CID, said: “Fortunately the woman was not injured but she was left shaken up by the incident.
“We are appealing for anyone who may have seen what happened, or seen the men both before and after the incident.”
If you have any information, call 101 or Crimestoppers anonymously on 0800 555 111.