Hogg, 43, is set to become the oldest player in the history of international T20 cricket, while 39-year-old Hodge is celebrating his own career renaissance after years on the outer of Australian selection.
The notion that T20 cricket is a young man's game has been further dismissed by the selection of Test wicketkeeper Brad Haddin (36) who replaces incumbent Matthew Wade.
The 15-man-squad will attempt to bring home Australia's first World T20 trophy after four unsuccessful attempts, with their campaign beginning on March 23.
However, Australia will first head to South Africa for a series of warm-up internationals leading into the tournament.
Allrounder James Faulkner has been picked in anticipation he'll recover from knee surgery, while along with Haddin, David Warner, Shane Watson and Mitchell Johnson will come across from the Test squad.
George Bailey will captain the team.
Australia's first match of the tournament is against Pakistan on March 23 at 8.30pm (AEDT).
George Bailey (capt, Hobart Hurricanes), Dan Christian (Brisbane Heat), Nathan Coulter-Nile (Perth Scorchers), James Faulkner (Melbourne Stars), Aaron Finch (Melbourne Renegades), Brad Haddin (Sydney Sixers), Brad Hodge (Melbourne Stars), Brad Hogg (Perth Scorchers), Glenn Maxwell (Melbourne Stars), James Muirhead (Melbourne Stars), Mitchell Johnson (Brisbane Heat), Mitchell Starc (Sydney Sixers), David Warner (Sydney Thunder), Shane Watson (Brisbane Heat), Cameron White (Melbourne Stars).