The couple are expected to wed in 2013. The Local.se said about 500 guests are expected to attend, although European kings and queens likely will not be on the guest list.
"He is my soul mate," Princess Madeleine said in the video posted Thursday. "We are both extremely happy and delighted. It is a very special day for us."
"I had been thinking about proposing for a while, but I wanted to wait until the right moment," O'Neill said. "But I have been sure all along that Madeleine was the one I wanted to marry."