I will usually separate and crate them twice a day to make them take a naptime. Will also kennel one or both as needed when they get to be too crazy. Another tactic that I find works, especially for food motivated dogs, is having a treat session. I call all the dogs over to me and start handing out little treat bites for the dogs that will sit. It refocuses their attention for a few minutes to something other than their best buddy.
When I have this problem with my own dogs, I get them to sit and lie down and keep them there for a moment so they have a chance to calm down. Usually doing this a few times will lead to them acting more calm all around.
You could also try a lot of focused exercise. Puppies can't take long walks, but a game of catch or something similar will tire them out. Also, force the naps. They need to sleep, just like toddlers.
Some tactics I've used when supervising dog play include physical separation - crates and baby gates are my lifesaver. Sometimes dogs, especially puppies, are exhausted and nearing a 'meltdown' but like toddlers, don't realize they're tired, so by physically separating them they will usually fall asleep and everyone can have a breather.