The inductees will be selected by a voting panel made up of NASCAR industry leaders, manufacturer representatives, former competitors, the media and fans.
Former drivers must have competed 10 years in NASCAR and be retired from the sport for a minimum of three years to be eligible.
Non-drivers qualify after working at least 10 years in the industry.
After a 20-member nominating committee selects its list of candidates, the voting will call for 48 ballots.
"With the excitement already building about the physical layout of the Hall of Fame, this will add to the excitement on another front, regarding this impressive, historic project," said NASCAR chairman and chief executive officer Brian France. "We have established an orderly induction process that is inclusive, involving various industry constituencies -- most importantly, the fans."