The fifth event in this year's World Series features eight of the PDC's top stars, as well as a further eight Oceanic qualifiers in the three-day invitational.
This will be the fourth staging of the Sydney Masters, with Phil Taylor having claimed the crown in the previous three stagings - the most recent following an 11-3 win over Adrian Lewis in the 2015 final.
The 16-time World Champion will be out to continue his domination Down Under and secure what would be his first World Series title of the season.
Reigning World Champion Gary Anderson already has three World Series trophies under his belt in 2016 following his triumphs in Dubai, Auckland and Tokyo, while Michael van Gerwen reigned in Shanghai but is yet to taste success on Australian soil.
Lewis, the former Auckland Masters champion, lines up alongside James Wade, Dave Chisnall, Raymond van Barneveld and Peter Wright as the PDC's other seeded stars.
Australia's number one - Simon Whitlock - returns to action on home soil, as does his World Cup partner Kyle Anderson - a semi-finalist here two years ago.