Police said officers - identified as Eric Pasino and Scott Shumway - suffered gunshot wounds to the arm and are expected to make full recoveries.
Officer David Hartman said that the shooter's name is known, and that he shot his wife or estranged wife in the hand, chest and back before she fled to a neighbor's home.
Authorities say two police officers have been shot in CT.
Officials told the paper they believe the incident began as a domestic dispute.
The suspect was blockaded inside a working at 642 Elm St. before being shot and arrested.
"Right now, this is a very active scene", Hartman said, standing in the middle of Elm near Stop & Shop Plaza, where police have set up a command post. The woman is in surgery in critical condition, Hartman said. Monroe, 50, shot a woman multiple times inside the house.
As of 1:45 p.m. negotiators had been unsuccessful in reaching the suspect to communicate by phone and were planning to try a loudspeaker system.
Officers from surrounding towns assisted the New Haven Police Department. Police radio transmissions have made reference to the third floor of the building. Police say there is no further threat to people in general.