Santos, who recently retired from thoroughbred racing, was joined by ex-jockey John Sellers, horses Silver Charm and Mom's Command, and trainers John Veitch, Frank McCabe and Henry Forest.
Sellers, Forest, McCabe and thoroughbred Swoon's Son were elected by the National Museum of Racing's Historic Review Committee, which considers candidates who have been active for 25 years.
Santos, a native of Chile, had more than $155 million in career earnings in more than 4,600 races, and rode Funny Cide to victory in the 2003 Kentucky Derby and Preakness Stakes.
Silver Charm won the Derby and the Preakness in 1997 and was second in the Belmont Stakes to Touch Gold.
Ray Liotta sues skin care company over use of likeness
Boston schools pull out free condoms over wrapping complaints