Mooney, a 22-year-old opener, and 17-year-old Cheatle both made their international debuts last month.
They have been retained for Australia's World Cup campaign, which starts in March 18 against South Africa in Nagpur.
"It's an exciting time for the entire squad, but in particular Beth Mooney and Lauren Cheatle," chairman of selectors Shawn Flegler said.
"Beth showed positive signs at the top of the order while Lauren impressed with the ball.
"This will be another great opportunity for these young players."
Cheatle, a left-arm fast bowler, is still at school in Bowral, New South Wales.
Meg Lanning will skipper the Southern Stars as they bid chase a fourth straight T20 title, with Alex Blackwell to serve as her vice-captain.
Ellyse Perry, who starred with bat and ball in the side's successful Ashes campaign in 2015, headlines a long list of established stars in the group.
"We've got a number of options covered with our bowling attack as well as several batters who can produce the attacking game-style we want to play," Flegler said.
"The players have had a solid build up to the tournament with strong competition against India in our recent home series, as well as the first season of the WBBL.
“We believe this group contains a good mix of youth and experience that will give us the best chance of contesting the ICC World T20 title.”
Overall, the Southern Stars squad to contest the ICC World Twenty20 includes the 12 players from its recent home T20 International series against India, plus Perth Scorchers batter Elyse Villani, Sydney Thunder off-spinner Erin Osborne and Melbourne Stars leg-spinner Kristen Beams who have been recalled into the squad.
Australia head to New Zealand this month for three T20s and three ODIs before they journey to India.
Southern Stars squad
The 15-player Australia women’s squad, which will also travel to New Zealand later this month for a three match T20I series is:
- Meg Lanning (c)
- Alex Blackwell (vc)
- Kristen Beams
- Lauren Cheatle
- Sarah Coyte
- Rene Farrell
- Holly Ferling
- Grace Harris
- Alyssa Healy
- Jess Jonassen
- Beth Moone
- Erin Osborne
- Ellyse Perry
- Megan Schutt
- Elyse Villani
Southern Stars’ ICC World T20 fixture – Pool Group A
- 18 March v South Africa, Nagpur
- 21 March v New Zealand, Nagpur
- 24 Match v Sri Lanka, New Delhi
- 26 March v Ireland, New Delhi
Prior to the three T20s against New Zealand, a 13-player squad will compete in three ODIs against New Zealand on 20, 22 and 24 February.
Perth Scorchers batter Nicole Bolton has been selected in the Australian ODI squad only. T20-only players Osborne, Villani and Cheatle will join up with the Australian T20 squad in New Zealand after the ODIs on 26 February.