Career honourees at the festival's first two editions include Sean Connery and Sophia Loren.
The Gold Marco Aurelio honorary award will be given to Pacino, who will be on hand to take part in a popular sidebar called L'altro cinema (previously called The Actors Craft), which each year features members of New York's famed Actors Studio and places them in a question-and-answer session with festival-goers to discuss screened sequences of some of their films.
Pacino will discuss three works he has selected: Looking For Richard (1996) as well as Chinese Coffee and Babylonia.
A retrospective on his works will be highlighted at the end of the festival and will feature works chosen by festival-goers on the festival's website.
'I am thrilled to represent the Actors Studio at this wonderful film festival. This is our third year of being honored we are grateful for the spotlight you have shown the Studio by sharing some of the 60 years of great films that have represented the work that we do,' said Pacino, who is president of the Actors Studio.
Artistic programmers confirmed that the festival would not screen Righteous Kill, which had been tipped to be part of the festival's official roster.
The third edition of the International Film Festival of Rome runs October 22-31.