The SCG will follow Lord's in England and the Melbourne Cricket Ground, which have also reached the mark, when it is used for the second Test against India starting on January 3.
The SCG Trust said Monday it is planning to mark the occasion throughout the five days with the specific nature of the celebrations still in the planning stages.
The last time India played in a Test match at the ground in 2008 Australia claimed a dramatic last-day victory by 122 runs.
Relations between the two teams were severely strained as Indian spinner Harbhajan Singh was accused of racially taunting Australian all-rounder Andrew Symonds during that Sydney Test.
The fall-out rumbled on throughout the remainder of the four-Test series after Harbhajan was cleared of the abuse charges.
The SCG hosted its first Test in 1882 with Australia claiming a five-wicket victory over England. Ashes rivals England have featured in 54 of the Tests.
Overall Australia have won 54 Tests at the SCG, lost 28 and drawn 17.
"In a world of unending change, when nothing seems certain, Test cricket at the SCG is powerfully attractive," SCG Trust chairman Rodney Cavalier said Monday.
"Tests are recognisably 19th century played in a contemporary setting."
