The pair was riding the train around 2:15 a.m. near the Monroe station when two males with "youthful appearances" approached them and one pulled out a knife before demanding their property, police said.
One of the attackers snatched a purse from the 21-year-old woman while the other struggled with the 22-year-old woman and cut her on the right hand, police said.
The suspects ran from the train and fled the scene.
The women were treated by paramedics at the scene but refused to go to hospitals, according to police.
No one is in custody as Area Three detectives investigate.