The federation says the 2014 class includes Soviet Union Olympic champion teammates Vyacheslav Bykov and Andrei Khomutov, plus Ruslan Salei of Belarus, who died in a 2011 airplane crash which killed an entire Russian team.
The IIHF says the induction ceremony will be held in May at the world championships in Belarus.
Yzerman helped Canada win the 2002 Salt Lake City Olympic gold and Lidstrom scored the decisive goal for Sweden in the 2006 Turin Olympic final.
He was also the executive director of Canada's gold-winning team at the 2010 Vancouver Games and is building the men's hockey team for next month's Sochi Games.
Bykov won 1988 and '92 Olympic golds, five world championships and coached Russia to two world titles. Khomutov won three Olympic golds and six world titles.