In a letter to The Times, Lord Ahmad of Wimbledon, Lord Ahmed of Rotherham, Lord Alton, Lord Avebury, Lord Hylton, Lord Boswell, Baroness Falkner of Margravine and Green Party leader Caroline Lucas collectively voiced their opposition to the island kingdom staging the race on April 22.
Approaching the anniversary of the February 14 'Day of Rage' in Bahrain last year, when protesters took to the streets in a bid to oust the ruling government, the eight-strong group claims violence remains rife in the Gulf state and has called on world motor sport's governing body to act.
The letter read: "We note with concern the decision by Formula One to go ahead with the race in Bahrain scheduled for April.
"The continued political crisis in Bahrain is a troubling source of instability in the Gulf region, and the lack of any move towards political reconciliation concerns those who wish to see Bahrain move in the direction of greater democratic accountability.
"It was hoped the recommendations of the Bahrain Independent Commission of Inquiry (BICI) would provide a starting point for political reform which both government and opposition forces could agree upon.
"However, two months on we see an entrenchment of the positions of both sides which risks letting more extreme voices dictate the progress of the conflict.
"Given the current dire situation, with daily street protests and the deaths of more civilians, we do not believe that the time is right for Formula One to return to Bahrain."
The unrest that has claimed scores of lives led to the cancellation of last year's race, which had been due to start the 2011 F1 season in March.
The Bahrain government maintains they have taken appropriate measures to alleviate the unrest, but with this year's race just 10 weeks away, pressure is again building on the FIA to take a stand.
The group's letter added: "Bahrain is a major trading hub and financial centre in the Middle East, but this brings greater responsibility.
"Human rights and economic stability go hand in hand and the government of Bahrain must do more to persuade international events and corporations that Bahrain is a stable place to do business.
"Until it takes concerted measures to reform the electoral, penal and judicial processes, international observers as well as ordinary Bahrainis can have little confidence that Bahrain is on the path to reform and political stability.
"We urge the FIA to reconsider its decision to continue with the race."