However, the third person involved - the gunman - remains on the loose and is possibly still armed, as police have not yet recovered a weapon.
"We believe the weapon that was used was a military-style semi-automatic firearm".
"We would like to hear from anyone with information relating to the offending vehicle: a red, 2015 Holden Commodore, registration 1AZIF1".
A Herald reporter at the scene said the windscreen of a police auto parked on Kuranui Rd is littered with about 20 bullet holes while the vehicle alleged to have held the offenders remains in a ditch.
The gunman was yet to be arrested.
Police have cordoned off Kuranui Road near Morrinsville as they investigate after shots were fired at police during a chase early Sunday. "It's just lucky no one was injured".
The Morrinsville mayor was shocked when she heard about the shootout that unfolded on the dark rural road in the township early Sunday.
It was not clear if the gunman was injured or whether he was still armed.
He adds police are continuing to offer support to the officers and their families at this time.
"Police advice to the community at this time is to be vigilant and to report anything suspicious immediately. Every little piece is a piece of the puzzle".
A section of Kuranui Rd remains cordoned off with a scene examination underway.
Waikato Police Superintendent Bruce Bird urged anyone with information as to the whereabouts of the gunman, to phone the police.
A man armed with an assault rifle has unleased a hail of bullets at police officers during a "quite frightening" response to a speeding incident in the Waikato town of Morrinsville.
"I thought somebody must have been killed with the amount of interest in it". "We just don't know what the mindset of this offender is".
"The vehicle that was being pursued stopped and engaged that police officer in a substantial amount of gunfire".
But anyone who recognised the red Holden Commodore - licence plate 1 AZIF 1 - or saw it on Saturday is asked to call police.
The intensity of the attack was something he had never encountered in his 40 years as an officer.
"A substantial number of rounds were exchanged between police and the offender".
"A short time later, within a minute, a second police auto with two police officers arrived at the scene and they engaged the offender where a substantial number of rounds were exchanged between police and the offender" before those two officers also took cover.
There were two other people in the vehicle, a man and a woman. Police found one at the scene and the other later in Morrinsville.
"We're still making inquiries as to the relationship between them all".
The police Eagle helicopter was also being used in the area.
People were asked to call police immediately, as it would give them a chance to locate "this risky offender as soon as possible".
"Anything you believe may or may not be relevant, we need to hear from you".
Officers will now comb Morrinsville and surrounding areas for information about the offender.
She said she woke to the very loud gunshots and sirens.
"I was told to stay low and if the kids' bedroom was by the road, we were to go and move them to a room with the least windows".
With the gunman on the run, the mother-of-four said armed police swarmed her house in search for him.
The boot of the Holden remained up and inside a white cap and Stirling Sports bag could be seen.
"Police rung back and told us to keep the lights off, keep the doors locked and then half an hour later rang and said the same thing, keep the lights off, don't answer the door".
"Not long after that, we had an officer show up on our doorstep letting us know what was happening and what we needed to do".
She said her four young children were asleep in the Avenue Road home when they woke to the gunshots. "So the police were quite good".
He said police called him back soon after and told him to stay inside.
It was just after midnight when Burmester was woken by his wife.
"[My wife and I] were up and sort of looking out the window", he said.
"And then I woke up and then there was an bad lot of gunshots, you know, six or 10, and you could tell there were two different guns".
"The police actually rang us at 2am to tell us that something happened and that we needed to stay inside with our lights off, and that's what we did, because it's very close, you could see it [the police car] from the playroom window".
The officer fled into nearby farmland and called for back-up.