Making the announcement, minister of Justice - Wijayadasa Rajapaksa said that the panel would be chaired by High Court judge Wimal Nambuwasam.
Retired DIG Ashoka Wijetillake and retired administrative official Attorney-At-Law S.K. Liyanage are the two remaining panel members.
Twenty seven inmates of the Welikada prison died in the clash on Nov. 09, 2012, while 40 persons including security force personnel were injured.
The minister said that the probe is to be initiated with the objective of unveiling those responsible for the incident.