Stars including Russia's Wimbledon champion Maria Sharapova and American icons Venus and Serena Williams will pay their respects to the near 150,000 who perished.
They will also donate to a fund-raising auction signed racquets and other souvenir's from the Hong Kong Challenge, which begins Wednesday in the city's Victoria Park Tennis Centre.
Venus Williams said the players had been stunned by the devastation wrought by the earthquake and tidal waves that pounded 11 mostly Asian nations on December 26.
"The feeling was just disbelief," said the former world number one. "A lot of us didn't even know what a tsunami was until everyone learned in a very devastating way what it really was and what it really meant."
The two-times Wimbledon and US Open champion said she had not considered cancelling her appearance as she felt her presence would have done more good.
"Tennis is not the most important thing at this time but I guess the best thing we could do was to come -- to show that even if things happen that you can't predict and that you just could never imagine, it is possible to go on no matter how hard it may be."
Organisers of the event said they will donate 500,000 Hong Kong dollars (64,100 US dollars) -- equal to some 20-25 percent of gate receipts -- to the local Red Cross's tsunami relief effort.
Audience members will also be encouraged to make donations and event sponsors will make further contributions.
Colvin Brown, president of the Hong Kong Tennis Patrons Association, one of the co-organisers, said the tournament's executive committee had agreed Monday morning on how best to mark the tragedy.
"The TPA is very conscious of striking the right balance in organising on one hand a festival of tennis while on the other hand recognising that such a disaster is currently going on," Brown said.
The tournament will see the Williams sisters and Sharapova play in round-robin singles and doubles competitions with US Open champion Svetlana Kuznetsova, French and US Open finalist Elena Dementieva, world number 11 Vera Zvonareva, up-and coming Czech star Nicole Vaidisova and veteran Arantxa Sanchez-Vicario.
The 15-year-old Vaidisova replaces Amelie Mauresmo, who pulled out due to injury.