Bandmates Russell Hitchcock and Graham Russell will be feted during the 27th annual Aria Awards in Sydney, Australia on 1 December (13).
A statement from Hitchcock reads, "It is a great honour for us, and it was something that was totally unexpected.
"We are certainly excited to come home to Australia and to have fun with everybody and we want to say thank you to all who participated in our Aria Hall Of Fame induction. We thank you from the bottom of our hearts."
Previous inductees include Billy Thorpe, Kylie Minogue and Inxs.