The list, made up of both albums and singles, also includes Tina Turner's What's Love Got To Do With It? and Gloria Gaynor's I Will Survive.
Recording Academy president Neil Portnow said the music has "influenced and inspired" people for generations.
The 54th Grammy Awards ceremony will take place on 12 February.
A recording of Martin Luther King's "I Have a Dream" speech, which he delivered 48 years ago, also features on the list, along with Exile on Main St by the Rolling Stones and Anything Goes by Cole Porter.
Other well-known albums on the list include Santana's self-titled debut, which was released in 1969, and Bill Cosby's comedy record, I Started Out As A Child.
Established in 1973, more than 850 recording have been recognised in the Hall of Fame. Past inductees include The Beatles and Bob Dylan.
"The Recording Academy is dedicated to celebrating a wide variety of great music and sound through the decades," Mr Portnow said in a statement.
"We are especially honoured to welcome this year's selection of some of the most influential recordings of the last century.
"Marked by both cultural and historical significance, these works truly have influenced and inspired audiences for generations."
The event, which will take place at the Staples Centre in Los Angeles, will be broadcast live on US network CBS.
Bruce Springsteen's album Born In The USA and Paul Simon's Graceland are among 25 recordings which are to be inducted into the Grammy Hall Of Fame.