The sprightly Hogg, 43, has been in top form in the domestic Big Bash League with his wrist spin proving hard to handle, while Hodge, 39, has been prolific with the bat for the Melbourne Stars in the same competition. (Agencies)
If he takes the field, Hogg is set to become the oldest player in the history of international T20 cricket as Australia look for their first trophy after four unsuccessful attempts.
Another veteran, wicketkeeper Brad Haddin, 36, is also included for the March 16-April 6 tournament in a 15-man squad skippered by George Bailey and featuring Test stars Mitchell Johnson, David Warner, and Shane Watson.
Hogg effectively drew the curtain on his international career following his final one-day international for Australia at the end of the 2007-08 summer, but he returned to play a handful of T20 internationals for Australia in 2012.
"Once again Brad bowled very well for the Perth Scorchers in the Big Bash League and many batsmen found him difficult to read," said National Selector John Inverarity.
"Despite his age, his enthusiasm and fitness are undiminished."
Of Hodge, Inverarity added: "Brad Hodge has made a great number of Twenty20 runs on the sub-continent and played many match defining innings there.
"He will provide the squad with a great deal of calm experience and knowledge."
While the squad has plenty of experience, there was also room for some young guns, including exciting leg-spinner James Muirhead, 20, who was only three years old when Hogg made his Test debut for Australia in India in 1996.
Australia get their tournament underway on March 23 against Pakistan at Mirpur, but first head to South Africa for a series of warm-up internationals.
Squad: George Bailey (capt), Dan Christian, Nathan Coulter-Nile, James Faulkner, Aaron Finch, Brad Haddin, Brad Hodge, Brad Hogg, Glenn Maxwell, James Muirhead, Mitchell Johnson, Mitchell Starc, David Warner, Shane Watson, Cameron White.
The sprightly Hogg, 43, has been in top form in the domestic Big Bash League with his wrist spin proving hard to handle, while Hodge, 39, has been prolific with the bat for the Melbourne Stars in the same competition.