The former England captain died in January aged 77 after a short illness.
Heyhoe Flint played in 22 Tests and 23 one-day internationals, and became the first woman to be inducted into the ICC Hall of Fame in 2010.
The announcement came at Lord's where the launch of this summer's Women's World Cup in England took place.
The hosts will play India at Derby in the first match of the tournament on 24 June.
Baroness Heyhoe Flint, as she became in 2011, was vice-president of her beloved Wolverhampton Wanderers FC, and captained England to victory at the inaugural World Cup in 1973 - an event only made possible after she persuaded her friend and fellow Wolves devotee Sir Jack Hayward to sponsor the tournament.
An annual award for the best female cricketer will be named after the late Rachael Heyhoe Flint, the International Cricket Council has announced.