Fifties vocal group The Flamingos, soul singer Solomon Burke and La Bamba singer Ritchie Valens completed the list of honorees at a New York ceremony Monday night.
Jackson, already in the Hall of Fame with his brothers as a member of the Jackson 5, was earmarked for a solo career that includes Thriller, which Sony estimates has sold more than 47 million copies worldwide.
Current chart kings 'N Sync planned to induct Jackson, who is working on a long-awaited new album.
Simon is also a Hall of Fame member for his work with Art Garfunkel. His solo career has included hits such as Mother and Child Reunion, American Tune and Graceland.
Aerosmith debuted at No. 2 on Billboard this week with a new album, Just Push Play, but is being honored for a legacy that includes the prototype rock ballad Dream On and Dude Looks Like a Lady.
The bombastic, theatrical Queen is missing its most prominent member -- singer Freddie Mercury, who died of AIDS in 1991. The group's songs live on, including Bohemian Rhapsody, We Are the Champions and We Will Rock You.
Steely Dan, the duo of Donald Fagen and Walter Becker, is enjoying a resurgence after its new disc, Two Against Nature, won a Grammy for album on the year last month.
Ricky Martin planned to induct Valens, the most prominent Latin rocker of rock's early days, who died in the same 1959 plane crash that killed Buddy Holly. The Flamingos were best-known for their lush, romantic ballad I Only Have Eyes for You, while Burke's soul hits were an early influence for Rolling Stone Mick Jagger.
The Stones' Keith Richards planned to induct Johnnie Johnson, piano player for Chuck Berry, into the hall in the "sidemen" category. Elvis Presley guitarist James Burton also was given that honor.
U2's voluble Bono, who could have a second career as an awards show speaker, was scheduled to induct Chris Blackwell in the non-performer category. Blackwell founded the former Island Records, home to Bob Marley and U2.
The ceremony, at the Waldorf Astoria Hotel, was being taped for telecast Wednesday on VH1. The names of honorees are on exhibit at the Rock and Roll Hall of Fame Museum in Cleveland.
©MMI The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed