Two fellow New Zealand teams, the Mystics and the Canterbury Tactix, have been invited, along with the Queensland Firebirds and the Australian Institute of Sport.
A fifth ANZ Championship side is expected to be confirmed in the next few days.
Players on show during the February 19-21 tournament will include Steel stalwarts Liana Barrett-Chase and Wendy Telfer, Silver Ferns regulars Temepara George and Maria Tutaia, Australian stars Natalie Medhurst and Laura Geitz, and Jamaicans Romelda Aiken and Althea Byfield.
Southern Steel chief executive Julie Paterson said the inaugural tournament staged last year attracted sell-out crowds to the Queenstown Events Centre.
The tournament provided excellent preparation for the transtasman competition.
"Unfortunately, the Events Centre doesn't have the capacity required for us to host an ANZ Championship game but this is an opportunity for us to get top-level netball into the Central Otago region," Paterson said.
"That's very important to us, especially when we have so many loyal Steel supporters in the area who make the trek to Invercargill and Dunedin to support our team."
With star attackers Adine Wilson and Donna Wilkins and defenders Katrina Grant and Megan Hutton all leaving, the Steel will see the Queenstown tournament as a significant opportunity to blend new players into the squad.
Otago's Hayley Saunders and Emma Moynihan, former Silver Ferns defender Leana du Bruin and 2008 shooter Megan Dehn are the additions to the squad.
The Robyn Broughton-coached Steel team will be the only New Zealand franchise attending the Sopa Cup tournament in New South Wales in March, where it will play all five Australian teams.
Its opening game in the ANZ championship is against the West Coast Fever in Invercargill on March 21.
The Steel finished fourth this year, with eight wins and five losses.
It was beaten in the minor semifinal by the Adelaide Thunderbirds.
