Suu Kyi will be given the honour on a trip to Dublin, which will take place one day after she receives the Nobel Peace Prize in Oslo, Norway on June 17.
The activist will then be the guest of honour at an Amnesty International tribute concert headlined by Bob Geldof and Damien Rice on June 18.
U2's Bono has said that it will be a great privilege to present Suu Kyi with Amnesty International's highest honour at the special gig.
Bono said in a statement: "It's so rare to see grace trump military might, and when it happens we should make the most joyful noise we can.
"Aung San Suu Kyi's grace and courage have tilted a wobbly world further in the direction of democracy. We all feel we know her, but it will be such a thrill to meet her in person."
U2 previously dedicated their 2001 hit 'Walk On' to Suu Kyi's struggle for human rights in Myanmar.
Suu Kyi has paid a price for her activism, having being jailed for 15 of the last 24 years for speaking out against Myanmar's military junta. She was elected to the country's parliament in April as a member of the National League for Democracy.
Watch U2 pay tribute to Aung San Suu Kyi below: