The game is Vaughan's first one-day international since 2005 and he takes over the captaincy from all-rounder Andrew Flintoff, who was at the helm when England lost the Ashes series 5-0.
Vaughan will open the batting with Andrew Strauss.
It is the first game of the series, which also includes New Zealand. England chose wicketkeeper Paul Nixon and spinner Monty Panesar to make their one-day international debuts.
Australia promoted speedster Mitchell Johnson, due to the absence of Brett Lee, and spinning all-rounder Cameron White.
Australia: Ricky Ponting (capt), Nathan Bracken, Stuart Clark, Michael Clarke, Adam Gilchrist, Matthew Hayden, Mike Hussey, Mitchell Johnson, Glenn McGrath, Andrew Symonds, Cameron White, Brad Hogg (12th man).
England: Michael Vaughan (capt), Andrew Strauss, Ian Bell, Kevin Pietersen, Andrew Flintoff, Paul Collingwood, Paul Nixon, James Dalrymple, Jon Lewis, James Anderson, Monty Panesar, Sajid Mahmood (12th man).
Umpires: Ian Howell (RSA) and Simon Taufel (AUS), TV Umpire: Bob Parry (AUS)
Match referee: Ranjan Madugalle (SRI)