Bird will join the Western Conference roster and replace Minnesota's Seimone Augustus, who has missed the last seven games due to left knee bursitis.
The 33-year-old Bird, who will make her eighth All-Star appearance, is averaging 10.6 points and 4.3 assists in 24 games this season.
Latta will represent the Eastern Conference, replacing Chicago's Elena Delle Donne, who has missed 12 of the last 13 games due to effects from Lyme disease.
Latta is an All-Star for the second time in her career after participating in last year's event as a reserve. The North Carolina product leads the Mystics with 11.0 points per game this season.