Organisers of the Tv concert series have set up the Hall of Fame to mark the 40th anniversary of the Austin City Limits programme.
Show creator Bill Arhos will also be inducted alongside Nelson and Vaughan at a gala on 29 April (14).
Buddy Guy, Lyle Lovett, Emmylou Harris and Nelson's son Lukas will perform at the event.
The first Hall of Fame honourees all have Texas roots.
The 40th season of Austin City Limits will begin with a Nine Inch Nails concert, which will air in America on 5 April (14).
Nine Inch Nails frontman Trent Reznor says, "We've waited a long time to do anything like this. We never thought we'd see the day when Nine Inch Nails would set foot on the Acl stage."