More than 100 rounds were fired during the shootout. The suspect was found dead when officers entered the home Monday afternoon six hours after the shootout.
"At the end of the day, the two officers who died, died heroes in my eyes. They were trying to take someone off the street that needed to be taken off the street to protect the rest of the community," said St. Petersburg Police Chief Chuck Harmon.
The identities of the slain officers were not released pending notification of their relatives.
The U.S. marshal was listed in stable condition as of Monday morning.
The Associated Press contributed to this report.