Since you are probably using two cameras, one for each of the split screen views then simply render from each camera one at a time hiding all the other player's HUD elements while rendering from the player's camera. If you parent each player's HUD elements to their camera then simply by hiding their camera their HUD elements will also disappear.
This means it would look something like this:
This means it would look something like this:
;this would be in your main loop instead of "updateworld, renderworld, flip" updateworld ;player 1 view showentity player1camera ;camera view port would be the top half for instance ;remember all HUD sprites for player1 are children of the player1camera (and the same for player 2) hideentity player2camera renderworld ;player2 view showentity player2camera hideentity player1camera renderworld flip