The dual-gender tournament will be held from November 30-December 3 at The Australian Golf Club and The Lakes Golf Club in Sydney.
The West Australians join a line-up that already includes Cameron Smith, Adam Scott, Lucas Herbert and Cameron Davis in the men's field.
The 27-year-old Lee has won two majors, including most recently the US Women's Open in 2022.
Hannah Green, 26, triumphed at the Women's PGA Championship in 2019.
Both women are yet to win the Australian Open and will target becoming the first Australian winners of the tournament since Karrie Webb in 2014.
World No. 7 Lee said she wanted to win the Patricia Bridges Bowl for the first time after finishing fifth last year.
"The Australian Open is a tournament that I would love to win and add my name alongside players like Karrie (Webb), Jane Crafter and Jan Stephenson as an Australian winner," Lee said.
"Playing in front of a home crowd is always exciting, as is the chance to once again play a national Open alongside my brother (Min Woo Lee)."
Green, the world No.22, was third in 2022.
"I'm very excited to be teeing it up in the Australian Open again this year after experiencing the new format in 2022 and being in contention to win the Patricia Bridges Bowl," Green said.
"As an Australian player, the Australian Open is a tournament I have always had right at the top of my list to hopefully one day win."
Golf Australia CEO James Sutherland said Green and Lee were great supporters of Australian golf.
"Awesome to have Hannah and Minjee back for the Australian Open," he said.
"As major winners, they bring real star power to our Open and it is always a treat to watch them in action."
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