It will bring together British, Irish and German naval representatives, along with 200 descendants of those killed.
The event is being held on the centenary of the Battle of Jutland, the biggest and deadliest sea battle of the war, when 6,000 men in the Royal Navy were killed - 358 were Irish.
The commemoration will take place on HMS Caroline.
It is the only remaining ship from the 1916 battle off the coast of Denmark.
The battle was fought between 31 May and 1 June 1916 and involved about 250 ships.
It saw the Royal Navy's Grand Fleet, based at Scapa Flow in Orkney, clash with the German High Seas Fleet.
The centenary of the battle will be marked in Scotland, where a service in Orkney will be attended by German President Joachim Gauck along with the Princess Royal.
Representatives of all the nations connected to the battle, including Ireland, will attend that service.
A service of remembrance will also take place on board HMS Duncan at Jutland Bank, the site of the battle.
There will be a live stream of the ceremony on the BBC News NI website from 12:20 BST on Tuesday.
Belfast is to host a special all-island commemoration for Irish sailors who died in World War One.