The 38-year-old was opening the boot of her car on Ettrick Road on Sunday at around 11.30pm when she was approached by the two men.
They threatened her before taking her handbag – which contained jewellery and make-up worth a three-figure sum – from her shoulder.
The pair then fled south towards Spylaw Road before being lost to sight.
The first suspect is described as a white man in his mid-twenties, around 5ft 10” in height with a slim build.
He was wearing a dark zip up Nike top and dark tracksuit bottoms.
The second man is also in his mid-twenties, of a similar build and height. He was wearing a dark zip up top and dark trousers.
Detective Constable John McShane said: “The was a frightening attack, which left the victim very upset.
“We are appealing for any information regarding this incident. Anyone who was in the area, and saw anything suspicious, is asked to contact us immediately.”
Anyone with information should contact Police Scotland on 101 or Crimestoppers on 0800 555 111.