Ambulance crews and police, including forensic officers, were called to the scene in the town's Glenburn Road last night.
Police said the men, aged 33 and 30, were walking along Glenburn Road, near Knockside Avenue, when the assault took place at 4.50pm.
Two other men, armed with weapons, got out of a maroon Citreon Berlingo, and attacked them before escaping in the car.
A member of the public phoned an ambulance and both were taken to the Royal Alexandra Hospital in Paisley.
The 30 year old received treatment for wounds to his arm, leg and stomach and was later released.
The 33 year old was transferred to Glasgow Royal Infirmary for treatment to an injury to his head, shoulder and hand His condition is described as stable.
One of the suspects was wearing dark clothing and a yellow and black skip hat.
Detective Sergeant Gordon McCrae at Paisley Police Office said: "At this time we are trying to establish a motive for this attack but believe that the victims were the intended targets.
"This crime happened in broad daylight and it is important that we trace those involved.
"I would appeal to anyone who was in the general area late yesterday afternoon and saw this incident or the car arriving or leaving the scene to get in touch. I would also urge anyone who knows the identity of the suspects to come forward."
Any person with information is asked to telephone the CID at Paisley on the non emergency telephone number 101. Alternatively telephone Crimestoppers on 0800 555 111 where anonymity can be maintained.