Law has been nominated for the Best Actor trophy for his role in the West End run of Anna Christie. He will be up against Spacey’s Richard III and Benedict Cumberbatch’s acclaimed portrayal of Frankenstein and his monster.
Redgrave is up for the Best Actress honour for her role in Driving Miss Daisy, and faces competition from Kristin Scott Thomas, whose turn as a cheating wife in Betrayal is also nominated.
Trainspotting moviemaker Danny Boyle received a nod for his vision of Frankenstein in the Best Director category, alongside Sir Trevor Nunn for Flare Path.
The winners will be announced on 19 February (12) and are voted for by the public.