The 31st annual event will be held at the Ozarks Empire Fairgrounds E-Plex in Springfield, Missouri.
Schrader retired from racing in the Cup and Xfinity Series in 2013, having earned two Cup wins and four Xfinity wins in his career.
He still competes in the annual NASCAR Camping World Truck Series race at Eldora Speedway.
In addition to co-owning I-55 Raceway, Schrader, 62, continues to have a busy racing schedule, having competed in 65 dirt-track events in 2017.
Schrader will be joined for induction by first cousin and former NASCAR Cup driver Carl Edwards, who stepped away from racing at the end of the 2016 season.
Another NASCAR notable who will be inducted is MB Motorsports Truck Series team owner Mike Mittler.
Prior to the induction ceremonies, there will be an autograph session and a question-and-answer session with the inductees.
There will also be a blood drive that day from 2-5 p.m. to benefit Mittler, who is battling Multiple Myeloma and will undergo an autologous stem cell transplant in February, as well as local racer Brandon Riddle, who has undergone three liver transplants and one kidney transplant.
Last year’s Hall inductees included NASCAR Hall of Famer Mark Martin and Lucas Oil founder Forrest Lucas.