The Arrows AX3 will take part in demonstration runs around the shortened version of the famous Victoria Park circuit that is used for the festival.
Fans will have the chance to win rides in the car as part of a giveaway that will be launched soon.
Arrows originally developed and built the AX3 for promotional purposes back in 2001.
The cars were based on the Arrows A21 that has been used for the 2000 Formula 1 season and powered a 3.5-litre Hart V10 motor.
The three-seater Arrows will be one of a number of old Formula 1 cars that will headline the Adelaide Motorsport Festival on the weekend before the Australian Grand Prix.
Other F1 machinery already confirmed include a pair of 1989 Brabham BT58s and a 1988 Arrows A10B Megatron.
More will be announced in the coming weeks.
The Formula 1 class will be one of a host of classes that will make up the festival, which organisers are trying to position as a traditional lead-in to the AGP.
New classes for 2023 include Tipo F1, targeted at high-powered open-wheelers such as Formula 5000, IndyCar, Formula 3000, S5000 and so on.
There will also be a dedicated Supercars class for post-Project Blueprint-spec Supercars, which will be positioned alongside the existing Heritage Touring Cars (Group C and A) and five-litre (Group 3A) classes.
The fastest cars will compete over a lap during a shootout.
