It follows a report that found officers changed statements and tried to blame Liverpool fans for the disaster.
The force has confirmed it is considering referring itself for investigation by the Independent Police Complaints Commission (IPCC).
Ninety-six Liverpool fans died as a result of overcrowding at the start of the FA Cup semi-final on 15 April 1989.
Police bosses, including South Yorkshire's current chief constable, said charges should be brought if laws were broken.
In a statement the force said: "South Yorkshire Police is currently reviewing a wide variety of matters raised in the report of the Hillsborough Independent Panel with a view to making a referral to the Independent Police Complaints Commission."
Should such a referral be made, it is common practice that the IPCC be informed of which specific officers should be investigated.
The report published on Wednesday by the Hillsborough Independent Panel, which spent two years trawling through more than 400,000 documents, found police amended 164 of the statements made about the tragedy.
Of those, 116 were substantially changed to "remove or alter comments unfavourable" to the force.
The report also found that 41 of the 96 who died had the "potential to survive" and calls have been made for fresh inquests.
The IPCC said the Hillsborough Independent Panel's report raised "extremely serious and troubling issues for the police".
A spokesman said the commission is reviewing the new documentation and awaiting a referral from South Yorkshire Police.
They added: "We also await the decision by the Attorney-General in respect of the inquests, and will liaise with the relevant parties to identify what should be investigated, and by whom."
Richard Wells, who led South Yorkshire Police from 1990 to 1998, said charges were "absolutely essential", and the force's current chief constable David Crompton said if statements have been falsified against the law, prosecutions should be brought.
A Home Office spokesman added: "It's important that any allegations of criminal misconduct are investigated swiftly and thoroughly and anyone who is found to have broken the law is brought to justice."
The current chief constable of West Yorkshire, Sir Norman Bettison, was a serving officer in the South Yorkshire force at the time of the disaster.
He said he welcomed "the disclosure of all the facts that can be known because I have absolutely nothing to hide".
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