Hingis, 32, retired in 2007 after a career in which she won 43 WTA titles. She won the Australian Open three consecutive years from 1997-99 and took Wimbledon and the U.S. Open in 1997. She was a finalist at the French Open in 1997 and '99.
She also won nine women's doubles major tournaments and one title in mixed doubles.
Hingis is one of the handful of players to have been ranked No. 1 in singles and doubles at the same time. Her 209 weeks at No. 1 singles is fourth most all-time.
"Being inducted into the International Tennis Hall of Fame is tremendous honor," Hingis said. "It is truly a privilege to be part of such an exclusive group of tennis icons. I am looking forward to the enshrinement weekend in Newport [R.I.] and to being welcomed in by the other Hall of Famers."
Hingis was elected from the hall's Recent Player Category. The Hall of Fame Monday also said Cliff Drysdale, Charlie Pasarell and Ion Tiriac were voted in from the Master Player Category. Earlier it was announced Thelma Coyne Long would be inducted this year.
Drysdale, 71, was ranked as high as No. 4 in the world and was the ATP Tour's first president. Pasarell, 69, is a former college champion and a longtime official at the Indian Wells, Calif., tournament. Tiriac, 73, gained prominence as a coach, notably for Boris Becker.
Long, 94, won the Australian Open singles title in 1952 and '54 in her native country to go with 13 doubles championships from 1936 to 1958.
The International Tennis Hall of Fame induction ceremonies are scheduled for July 13 in Newport.