Kristensen has a record eight wins at the Le Mans 24-Hour race while Priaulx tops the all-time WTCC list alongside Yvan Muller with three titles.
Dane Kristensen has appeared at every ROC since 2001.
"It was a great experience to make it to both finals last year. But the Race Of Champions is always fun anyway," he said.
"We see people from all types of motor sport, there’s a great camaraderie and then we put on our helmets and race all these different cars, which is always a great challenge. There is no better way to end the season."
Guernsey driver Priaulx, who has also won one European Touring Car title - the previous incarnation of the WTCC - said: “I always enjoy the Race Of Champions.
"The atmosphere in the stadium is special and I’m looking forward to hearing the noise at the latest venue in Bangkok.
I’ve already been runner-up a few times in the ROC Nations Cup, so I hope DC (David Coulthard) and I can go one better at last. But we know that is a big task with such a range of legends in the field."
F1 world champions Michael Schumacher and Sebastian Vettel plus MotoGP world champions Jorge Lorenzo and Mick Doohan are among those already confirmed for the event, which takes place on a specially-constructed tarmac track with two parallel lanes winding their way round Bangkok’s Rajamangala Stadium.
The race, in its 25th year in 2012, pits drivers and riders from a wide range of disciplines against one another on varying machinery: F1, World Rally, touring cars, Le Mans, MotoGP, Indycar and the X-Games.
Confirmed for 2012:
• Michael SCHUMACHER, seven-time Formula 1 World Champion
• Sebastian VETTEL, Formula 1 World Champion 2011, 2010
• Jorge LORENZO, MotoGP World Champion 2012, 2010
• Mick DOOHAN, five-time 500cc MotoGP World Champion
• Ryan HUNTER-REAY, IndyCar Series Champion 2012
• Jamie WHINCUP, V8 Supercar Champion 2012, 2011, 2009, 2008
• David COULTHARD, 13-time Formula 1 grand prix winner
• Tom KRISTENSEN, eight-time Le Mans 24-Hour race winner
• Andy PRIAULX, three-time World Touring Car Champion
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