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In vehicular communications, periodic one-hop broadcast of beacons allows cooperative awareness for vehicles. To avoid congestion in the shared channel used for transmission of beacons, a joint beacon frequency and power control protocol based on game theory is presented in this paper. The existence, uniqueness and stability of the Nash Equilibrium (NE) of the game is proved mathematically. An algorithm is devised to find the equilibrium point in a distributed manner and its stability and convergence has been validated using simulation. The algorithm converges to the NE from any initial frequency and power and it can provide both fairness in power and weighted fairness in frequency. The protocol has per vehicle parameters, hence, every vehicle can control its share of the bandwidth according to its dynamics or safety application requirements while the whole usage of bandwidth is controlled at a desired level.