The group announced Tuesday at the IAAPA Attractions Expo 2012 in Orlando Masterson and Barnum are the 87th and 88th inductees into the hall, which was established in 1990.
Masterson, chairman of Amusement Management Partners LLC, is best known for his 25 years as head of Ripley's Entertainment, growing the brand from 11 locations to more than 73 museum attractions, aquariums and theaters in 13 countries by 2009.
Barnum, who died in 1891 at age 81, was honored for his contributions to the mobile attractions industry via the 142-year-old Ringling Bros. and Barnum & Bailey Circus. He also pioneered The American Museum in New York from 1841 to 1865.
Previous Hall of Fame inductees include Walt Disney, Milton Hershey and Jay Stein.