Midfielder Baxter, 19, has signed for the Magpies until January, while second-year scholar Rodwell-Grant has gone to Victory Park on a month's work experience.
Chorley-born Baxter has yet to make his first-team debut with North End but has been on the bench for Alex Neil's side a handful of times.
This is Baxter's second loan away from Deepdale, with him having a spell at Clitheroe earlier in the year before the season was curtailed.
Chorley manager Jamie Vermiglio said: "We are very grateful to North End manager Alex Neil and head of recruitment Joe Savage for sorting these deals.
"Jack and Joe are two young players who are looking for first-team opportunities at a good level.
"I feel we can offer them that if they work hard, persevere and show their qualities."