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The shock omission of Steyn for the three T20Is in India last year raised questions over the veteran speedster's future in the team.
De Villiers bowed out of international cricket in a shock announcement in May 2018, opting to don the role of a T20 freelancer.
The two teams will compete in Geelong on October 18 as part of the first round preceding the Super 12s.
"I am feeling a little emotional," PNG's Australian coach Joe Dawes told the ICC
The ICC T20 World Cup 2020 is scheduled to be held in Australia from 18 October to 15 November next year.