The show "celebrates the beauty and heartbreak of the Broadway theater as it follows a cross-section of dreamers and schemers," the network said in a synopsis. It is scheduled to premiere Feb. 6.
Both Jonas and Peters will sing in the respective episodes in which they appear, NBC said.
Jonas will play Lyle West, a sitcom star who started his career as a child actor in a Broadway show written by character Tom, played by Christian Borle, and directed by Derek, played by Jack Davenport.
Peters is to make an appearance as Leigh Conroy, character Ivy's Tony award-winning mother who was once a theater sensation but now lives vicariously through her daughter. Megan Hilty plays Ivy.