The Hollywood actors will join a group of Aussie directors to create Sydney Unplugged, a series of short movies about the city of Sydney.
Crowe and Schreiber have both agreed to direct a film each, while Collette and Without a Trace's Anthony LaPaglia will both make their directorial debuts with the project initiated by Tropfest film festival creator John Polson.
Polson told The Hollywood Reporter: "It's no secret some hugely talented directors, actors and others either live here or are from here. It's about time this talent got together to tell stories that showcase one of the world's most beautiful cities.
"The people that have stepped up to take part in this project are beyond our wildest dreams."
Australian directors taking part in Sydney Unplugged include Animal Kingdom's David Michod, The Crow's Alex Proyas, Ivan Sen, Ray Lawrence, John Curran, Kieran Darcy-Smith and Rachel Ward.
Filming is scheduled to begin across Sydney later in the year and Sydney Unplugged will be released in 2013.
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Watch the promo for Sydney Unplugged below: