The shots were fired in Jerusalem's Armon Hanetziv neighborhood, according to Haaretz.
A tweet from Israel News Feed stated that some of the officers were injured after being hit with stones.
#UPDATE: #Jerusalem: Pictures from the scene: 3 @IL_police policemen injured pic.twitter.com/SD1TpcIFw6โ Amichai Stein (@AmichaiStein1) September 18, 2015
Stone throwing has been making headlines since July, when Israel approved 20-year jail sentences for those responsible.
On Friday, reports emerged that the Jewish state had approved the use of a low-powered Ruger sniper rifle by police against "certain" rock-throwers in Jerusalem, local press reported.
The use of weapons to curb violence in the West Bank was previously limited to the IDF.
One day prior, Jerusalem Mayor Nir Barkat declared "war" against Palestinian youths who throw firebombs and rocks in the city, saying police must use live ammunition if they are to counter attacks against officers and Jewish civilians.
BREAKING PHOTOS: Emergency units treating 1 moderately & 3 lightly injured in shooting/fire-bomb attack in Jerusalem. pic.twitter.com/7spW1o4UTIโ Israel News Feed (@IsraelHatzolah) September 18, 2015
In a phone interview with the Times of Israel, Barkat said such behavior is "unacceptable anywhere else in the world" and that Israel has been too "merciful."
It comes as Palestine holds a 'Day of Rage' against Israel's response to the Al-Aqsa Mosque clashes.
Unrest at the site - also known as Temple Mount - saw new scuffles on Monday, after an Israeli police operation one day prior. That incident, which Israeli authorities said was a "security operation," saw the use of grenades and tear gas. Several Palestinians were injured.
The clashes prompted Israel to call up a few hundred reservists to beef up security at the site on Friday.
The shooting comes just one day after an Israeli bus was set on fire, in what authorities believe was an arson attack by Palestinian youths in East Jerusalem.
I suppose this had to come but I wonder who has put these Palestinians up to it? This is suicide for the people and I am sure that not everyone is ready to commit to an all-or-nothing uprising. Or are they that tired of the Israeli horror show?