The lineup also includes Tony Joe White, Shelby Lynne and Chris Hilman.
The awards, set for Sept. 24 at the Nashville Convention Center, will recognize "merit and achievement within the Americana music genre."
Smith and Loretta Lynn lead the field of nominees with three nominations each.
Lynn is up for Album of the Year, Artist of the Year and Song of the Year for her album "Van Lear Rose" and the song "Portland, Ore." Smith is nominated for Performer of the Year, Song of the Year and New/Emerging Artist of the Year for her album "One Moment More" and the song "Come to Jesus."
Rodney Crowell "Fate's Right Hand" and Slaid Cleaves "Wishbones" are up for Album of the Year. Crowell and Cleaves are also up for Song of the Year for the title songs from their albums.
The other nominees for Artist of the Year are Allison Moorer, Jim Lauderdale and Patty Griffin.
Notable deaths of 2014 [PHOTOS]
Mindy Kaling mistaken for Malala Yousafzai