Both artists have become visible advocates for social injustice, and fittingly chose to celebrate the two icons who left a lasting legacy on their sport.
The "Formation" singer wore a version of triple gold medal winner Flo-Jo's trademark one-legging unitard from 1988 to party at Diddy's bash on Wednesday night (October 31), which was attended by stars including Kevin Hart, Chris Brown and Beyonce's mum Tina Knowles. The athlete set world records for the 100 metres, and the 200 metres - a record which is yet to be beaten.
While her husband Jay chose to celebrate sporting icon Smith, who became famous for his giving the Black Power Salute as a protest against the racism faced by African-Americans in the United States, during his medal ceremony at the 1968 Olympic Games in Mexico City.
Flo-Jo, who is considered the fastest woman of all time, passed away in her sleep as a result of an epileptic seizure in 1998.
While Smith, who won the 200 metre sprint finals and a gold medal in 19.83 seconds, the first time the 20 second barrier was broken (legally) was vilified for his protest in his home country, recently made an appearance at Jay's TIDAL X: Brooklyn charity concert.
"Selma" director Ava DuVernay introduced Smith at the concert earlier this month to mark the 50th anniversary of the '68 salute at a show which featured performances by Lauryn Hill, Lil Wayne, Nick Jonas, Meek Mill, Black Thought, Teyana Taylor and Anderson .Paak.