The diverse group spans men's and women's players from 14 countries and will advise on anti-racism strategies, participate in educational programmes and contribute to reforms across football.
"These 16 panel members will support education at all levels of the game and promote new ideas for lasting change," FIFA President Gianni Infantino said in a statement.
"They will further push for a shift in football culture, making sure measures to counter racism are not just talked about, but actioned, both on and off the pitch.
"Let's be clear on this: racism and discrimination are not simply wrong - they are crimes. All incidents of racism, whether in stadiums or online, must be fully punished both by football and across society."
When Bournemouth's Antoine Semenyo was racially abused on the opening day of the Premier League season at Liverpool last month, Infantino had said the Players' Voice Panel would get in touch with the Ghana international.
"Football brings unity and development. It also enhances humanity," said Weah, the only African player to win the Ballon d'Or and a former president of Liberia.
"I will always exert all efforts, as I have done in the past and continue to do, to promote the sport because football is life. I am honoured to serve in this role."
At the FIFA Congress last year, football's world governing body updated its disciplinary code to include increased fines for racist abuse against players, match officials or team staff, with the maximum limit now set at 5,000,000 Swiss francs ($6.24 million).
A three-step anti-discrimination procedure has also been adopted which involves the referee requesting a public announcement to call for such behaviour to cease, suspending the match until it stops and, in some scenarios, abandoning the match altogether.
Players' Voice Panel lineup: George Weah (Liberia), Emmanuel Adebayor (Togo), Mercy Akide (Nigeria), Ivan Cordoba (Colombia), Didier Drogba (Ivory Coast), Khalilou Fadiga (Senegal), Formiga (Brazil), Jessica Houara (France), Maia Jackman (New Zealand), Sun Jihai (China PR), Blaise Matuidi (France), Aya Miyama (Japan), Lotta Schelin (Sweden), Briana Scurry (United States), Mikael Silvestre (France) and Juan Pablo Sorin (Argentina).