Australian David Graham, another two-time major winner, was also selected in the male golfer category while architect A.W. Tillinghast enters through the 'Lifetime Achievement' category.
Davies won a record 45-times on the Ladies European Tour and claimed four LPGA majors, and is considered the most successful female British player of all time.
The first non-American to top the LPGA 'Money List', Davies represented Europe a record 12 times in the Solheim Cup, playing in every competition from 1990-2011.
"It is a wonderful honour," Davies said. "I am especially looking forward to the Induction Ceremony at St Andrews (Scotland) in 2015. It really will be a special event."
O'Meara's golden year came in 1998 when he won both the Masters and the British Open making him, at 41, the oldest player to win two majors in a year.
Graham won the 1979 PGA Championship at Oakland Hills Country Club and the 1981 U.S. Open at Merion and he is one of only four players to have won events on six continents.
Tillinghast, who died in 1942 at the age of 68, was a prolific architect who designed over 100 courses in the United States, including Bethpage State Park, and wrote a number of books on the game.
The Selection Commission was co-chaired by Hall of Fame members Nancy Lopez, Arnold Palmer, Gary Player, and Annika Sorenstam.
(Reporting By Simon Evans; editing by Martyn Herman)
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