The FA Chairman selected seven for his board last week and has now added Hodgson and Ferdinand to make it a total of ten including himself.
"It is important Roy can offer his views as the current manager of the national team and share the knowledge he has gained when working for many years in a number of countries," Dyke said in an official FA statement.
"I wanted the international fixtures to be completed before announcing this to avoid any distractions for Roy at such an important time.
"Rio's vast experience as a player developed through West Ham's successful youth system, winning Premier League and European titles with Manchester United and representing England at World Cups means he has a huge amount to offer to the debate.
"We have been speaking to Rio and Manchester United for some time about him joining the group - before we named the other members of the Commission."
Hodgson and Ferdinand join FA vice-chairman Roger Burden, former England manager Glenn Hoddle, ex-England defender Danny Mills, League Managers' Association chairman Howard Wilkinson, Professional Footballers' Association chairman Ritchie Humphreys, Football League chairman Greg Clarke, and Crewe director of football Dario Gradi on the Commission.
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball