With two senior spots to fill ahead of Tuesday's deadline, Thomas was an obvious candidate after a standout performance in last Friday's practice match against Essendon at Punt Road Oval.
Stephenson, meanwhile, has been elevated as cover for No.1 ruckman Ivan Maric, who is expected to miss the first four to five matches this season with an ankle injury.
Delisted by Port Adelaide after 87 games in eight seasons, Thomas had 15 possessions and three clearances in less than a half against Collingwood in Richmond's second NAB Challenge match.
He then played a key role in the Tigers' 45-point win over the Bombers, pushing his case for senior elevation ahead of the club's season opener against Gold Coast.
The 27-year-old finished with 26 possessions (10 contested) and 10 tackles in a hard-nosed midfield performance.
With club champion Daniel Jackson sidelined for one week with a hamstring injury, Thomas's first job could be running with Gold Coast superstar Gary Ablett on Saturday night at Metricon Stadium.
"He's doing everything right and he's playing incredibly well at the moment," coach Damien Hardwick said of Thomas after Friday's practice game against Essendon.
"He's a bit like a human wrecking ball, which is good to see."
Stephenson, who played six senior games in 2013, has now been elevated ahead of each of his two seasons with Richmond.
The 31-year-old also played eight games with Geelong in 2012.
Twitter: @AFL_Nathan