The three-time Grand Slam champion, a former world number one, joined some of the biggest names in tennis in earning a place in the ITHF on Friday.
Capriati said: "I am thrilled to learn that I have been elected to the International Tennis Hall of Fame.
"This is a dream come true and an extraordinary tribute.
"I truly feel humbled to be a part of history and am honoured to be considered among the greatest of all time."
She famously burst onto the scene as a 13-year-old but, after winning Olympic gold in 1992, the child prodigy soon hit the headlines for the wrong reasons with two arrests.
However, when she returned to the WTA circuit her best results came late in her career.
She was a surprise winner of the Australian Open in 2001 and followed up by winning the French Open that year. The American defended her Australian crown in 2002, completing one of the sport's famous comebacks in the final against Martina Hingis by coming from a set and 4-0 down.
Capriati ended her career in 1994 with 14 singles titles. She also claimed the Fed Cup with the USA in 2000.
Christopher Clouser, chairman of the International Tennis Hall of Fame, said: "Jennifer Capriati had one of the most accomplished and exciting tennis careers in recent years, and she is most deserving of the honour of Hall of Fame election."
WTA chairman Stacey Allaster added her congratulations, saying: "We are delighted to hear the news that Jennifer has been elected to the Hall of Fame. She indeed is one of our greatest players, known for her remarkable success and powerful style of play."
Capriati, now 36, was elected in the 'recent player' category, one in which Gustavo Kuerten had already been named in the 'class of 2012'.
Both stars will be officially inducted at a special ceremony at the Hall of Fame in Newport, Rhode Island, in July.