Ponting's 168 Tests returned 13,378 runs at 51.85, including 41 centuries that leaves him second only to Sachin Tendulkar on the all-time Test run scorers list.
His ODI career was just as impressive with 13,704 runs at 42.03 (30 centuries) in 375 matches.
As captain, he won 48 of 77 Tests and 165 of 230 ODIs while in charge.
ACA CEO Alistair Nicholson praised the 40-year-old for his contribution to cricket.
"Ricky wasn't just a fantastic cricketer but is a wonderful servant to that game. He has always been a strong supporter of player advocacy and a great friend to the ACA.
"Ricky is incredibly well-respected amongst his peers, which is a reflection of his leadership abilities and the fantastic person that he is," said Nicholson.
Ponting joins David Boon as the the second Tasmanian cricketer to be inducted into the Sport Australia Hall of Fame.