In most dynamic networks, it is impractical to measure all of the system states; instead, only a subset of the states are measured through sensors. Consequently, and unlike full state feedback controllers, output feedback control utilizes only the measured states to obtain a stable closed-loop performance. This paper explores the interplay between the selection of minimal number of sensors and actuators (SaA) that yield a stable closed-loop system performance. Through the formulation of the static output feedback control problem, we show that the simultaneous selection of minimal set of SaA is a combinatorial optimization problem with mixedinteger nonlinear matrix inequality constraints. To address the computational complexity, we develop two approaches: The first approach relies on integer/disjunctive programming principles, while the second approach is a simple algorithm that is akin to binary search routines. The optimality of the two approaches is also discussed. Numerical experiments are included showing the performance of the developed approaches.Index Terms-Sensor and actuator selection and placement, static output feedback control, mixed-integer nonlinear matrix inequality, disjunctive programming, binary search algorithm.