The pioneering hip hop duo was on the ballot for this year's induction, but came up short in the final vote. Instead, Mary J. Blige, Cher, Dave Matthews Band, Foreigner, Peter Frampton, Kool & The Gang, Ozzy Osbourne and A Tribe Called Quest will be entering the Hall.

However, the two legends want it to be clear there are no hard feelings on their part, as they're happily congratulating their peers who will be inducted.

Eric B & Rakim tell TMZ Hip Hop ... "Congratulations to the diverse group of artists inducted into the Rock Hall this year. Seeing Tribe and Mary on the list besides Cher, Ozzy, Kool and the Gang and all of the other icons shows how inclusive the institution has become."

Though, Eric B. and Rakim are still eyeing the honor for themselves at some point. They add ... "Keep voting ... we'll join you soon!"

Eric B. & Rakim rose to fame during rap's golden age in the '80s and '90s, releasing 4 successful albums -- "Paid in Full," "Follow the Leader," "Let the Rhythm Hit 'Em," and "Don't Sweat the Technique."

The duo was named on the nominations list alongside a diverse group of performers, and as far as the acts that didn't get in this year, they're in excellent company -- Mariah Carey, Jane’s Addiction, Sade, Sinead O'Connor, Oasis and Lenny Kravitz will all have to wait for another chance to join the Hall of Fame party.