The pair, announced Wednesday, will compete with Atlanta's Ronald Acuña Jr., the New York Mets' Pete Alonso, Pittsburgh's Josh Bell, Toronto's Vladimir Guerrero Jr., Cleveland's Carlos Santana and Milwaukee's Christian Yelich.
Bregman lost in the opening round of last year's derby but went on to win All-Star Game MVP. Pederson finished second to Todd Frazier in the 2015 derby and hasn't competed since.
First-round brackets, based on season home run totals through Tuesday, have matchups of Yelich-Guerrero, Alonso-Santana, Bell-Acuña and Bregman-Pederson.
The winner will get $1 million of $2.5 million in prize money, the losing finalist $500,000 and the six other participants $150,000. The player with the longest home run gets an extra $100,000.