Carlos Santana topped last year's Latin Grammys
The Hall of Fame was established by the Latin Recording Academy earlier this year to honour important recordings - singles or full-length albums - released more than 25 years ago.
Among the 17 recordings to be inducted are Carlos Santana's 1970 remake of Tito Puente's Oye Como Va, Antonio Carlos Jobim's single Garota de Ipanema (The Girl from Ipanema), Pedro Vargas' 1941 single Besame Mucho and Javier Solis' version of Sabor a Mi.
Dominated
"This year's inaugural selections are timeless recordings which embody classic compositions that truly have set the precedence for excellence," said academy president Michael Greene.
Carlos Santana dominated last year's first Latin Grammy awards in Los Angeles when he won a hat-trick of awards.
The musician grew up in Autlán, southeast of the Jalisco state capital of Guadalajara, and his father played the violin in a local mariachi band.
He emigrated to the US as a young man, where he launched a rock 'n' roll career that has spanned 30 years.
A special honour was also awarded in 2000 to Tito Puente, one of the world's most prolific composers and performers of Latin jazz, who died last year.
Anti-Castro
Meanwhile this year's Latin Grammys are scheduled for 11 September in Los Angeles.
There has been a question mark over the attendance of nominated Cuban artists, after potential protests over their presence by anti-Castro groups forced a change in venue from Miami.
Cuban jazz pianist Chuchu Valdés told Cuban weekly online magazine La Jiribilla that he was determined to attend the event.
Valdés is nominated along with the group Irakere.
Other Cuban nominees include pop artist Andrés Alén, salsa singer Isaac Delgado, singer Omara Portuondo of the Buena Vista Social Club group, country artist Celina González, Afro-Cuban music singer Lazaro Ross and salsa band All Stars group.
All the artists have been cleared to travel by Cuban authorities, and are now awaiting entry visas from the US Government.