Clark and basketball icon Andrew Gaze have received the prestigious honour as the 52nd and 53rd legends to be announced since the category's inception in 1993.
The pair join the inaugural trio of Sir Donald Bradman, Dawn Fraser and Sir Hubert Opperman, alongside more recent legends including Cathy Freeman, Shane Warne and Ian Thorpe.
Clark was a hero with the bat long before women's cricket took off in Australia, a true pioneer of the sport, though her first sporting love came with a racquet in hand.
"I never got there," Clark said of her tennis dream.
"I'm a big tennis fan and that's what I spent my youth doing, playing tennis.
"But cricket took over at about the age of 13-14 and I've never looked back."
It's a good thing it did.
Clark represented her country from 1991 to 2005 and was the first Australian cricketer, male or female, to score a one-day international double-century.
She was appointed captain at just 23 years of age and held the role for a record 11 years.
Australia won 84 of 101 matches and two World Cup titles under Clark's leadership, which defines her legacy.
Clark also had a significant impact off the field as an administrator.
Her efforts to grow women's cricket off the field, including serving as a Cricket Australia administrator, have helped drive it into the mainstream.
"The sport's come such a long way," the 54-year-old said.
"When I started out, we were amateurs. We did it for the love it, we juggled careers and we shaped our lives around these moments.
"To now have a whole generation that are able to play professionally is something I'm really proud of.
"I wish I was playing now, but I also love watching them play and I love having people tell me how much they enjoy watching women play."
Clark is the first female among only a handful of cricketers elevated to legend status, while Gaze is the first basketball figure to receive the honour.
A five-time Olympian, Gaze was Australia's flag-bearer at the Sydney 2000 Games in the crowning moment of a remarkable playing career.
Gaze won a record seven NBL MVP awards and two championships with the Melbourne Tigers, and was an NBA champion with the San Antonio Spurs in 1999.
The 60-year-old's promotion of basketball at all levels has been a significant factor in the popularity of the NBL and identity of the Boomers men's national team.
Gaze, who made 297 appearances in green and gold and led Australia as captain for eight years, said representing his country was the highlight of his career.
"In basketball these days priorities have changed, times change, but my boyhood dreams were all about playing for Australia," Gaze said.
"To do that and have the rare opportunity to compete at five Olympics is something that is really special to me.
"And although it's not actually competing, in 2000 when I was given the honour of being the captain of the Australian Olympic team and the flag-bearer, that moment was incredibly special."
Sport Australia is celebrating the 40th anniversary of its Hall of Fame at the annual induction and awards event in November.
Gaze was inducted into the Hall of Fame in 2005, with Clark inducted in 2011.
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