After an 11 year wait, Woods won his 15th Major Championship and fifth Masters title in April last year, finishing a shot ahead of Dustin Johnson, Brooks Koepka and Xander Schauffele.
Woods, Lowry and Ogletree will get their opening rounds under way at 07.55 local time on Thursday morning, starting from the tenth tee.
Spain's Jon Rahm and South Africa's Louis Oosthuizen will join U.S. Open Championship winner Bryson DeChambeau at the tenth tee at 07.33, while Englishman Lee Westwood and Americans Kevin Na and Matt Kuchar start at the same time from the first tee.
Rahm celebrated his 26th birthday in style on Tuesday with a hole-in-one at the 16th during practice, skimming his ball across the pond and watching on as it curled into the cup.
Rory McIlroy, who needs to win the Masters to complete the career grand slam, will start from the first tee at noon alongside World Number One Johnson and Patrick Cantlay.