Togolese officials said the incident occurred in Cabinda city, an exclave of Angola where Togo will play their group stage games in the African Cup of Nations.
Two players and two medics were injured following the attack that was carried out by unknown assailants.
"We were machine-gunned, like dogs," Togo striker Thomas Dossevi told France's RMC radio.
"The border with Angola - machine-gunned! I don't know why. I thought it was some rebels. We were under the seats of the bus for 20 minutes, trying to get away from the bullets."
The injured members of Togo's delegation are yet to be known, but striker Emmanuel Adebayor is not one of them, his club Manchester City said.
"Club officials have spoken with Adebayor and though shaken by the terrible events, he is unharmed," the English Premier League club said in a statement.
The incident comes just two days before the Nations Cup kicks off in Angola.
Togo open their campaign against four-time African champions Ghana on Monday.