The appointments come one day after Heather Rabbatts, the FA's only female board member, criticised the group's all-white, all-male make-up. and Dyke has reacted swiftly to deflect the criticism
Hodgson, 66, has guided England to the 2014 World Cup finals in Brazil.
Ferdinand, 34, quit international football in May after winning the last of his 81 caps in June 2011.
The centre-back, who has won six Premier League titles with Manchester United, is the first non-white member of the 10-person panel.
FA chairman Greg Dyke said in a statement: "Rio's vast experience as a player developed through West Ham's successful youth system, winning Premier League and European titles with Manchester United and representing England at World Cups means he has a huge amount to offer to the debate.
"We have been speaking to Rio and Manchester United for some time about him joining the group - before we named the other members of the commission.
"However, as he is a current Manchester United player we needed to be sure that Rio had the necessary time to fully participate on the commission and not impact on his day job. It has been agreed he does.
"As a current player with forthright views and opinions on the game, we can look forward to Rio providing significant insight and experience."
Ferdinand and Hodgson join FA vice-chairman Roger Burden, former England manager Glenn Hoddle, ex-England defender Danny Mills, League Managers' Association chairman Howard Wilkinson, Professional Footballers' Association chairman Ritchie Humphreys, Football League chairman Greg Clarke and Crewe director of football Dario Gradi on the panel.
Dyke has previously said the commission would have no more than 10 members, although it is not yet confirmed whether the line-up is complete.