Steve Waugh was named captain of the 12-man team, which includes four members of the squad which will fly to the Caribbean on Wednesday in an attempt to win the World Cup for a third straight time.
Ricky Ponting (named vice-captain), Adam Gilchrist, Andrew Symonds and Glenn McGrath were all included, plus the injured Brett Lee, who will not travel to the Caribbean.
They were named alongside Shane Warne, Mark Waugh, Dean Jones, Michael Bevan and Dennis Lillee with Greg Chappell 12th man in a fairly straightforward team.
But record breaking captain Allan Border, who skippered the country's first World Cup victory in 1987, was a surprise omission from the team.
Border captained Australia a record 178 times and his 273 overall one-day appearances are second only to Steve Waugh (325).
The side was voted on by all 163 players to have represented Australia since one-day cricket's inception in 1971.
Modern day players dominated the votes, with Adam Gilchrist heading the list in front of Shane Warne and Glenn McGrath.
"There's some great players who have missed out on the side and that's always going to be the case," Steve Waugh said.
"Going across different eras, it's almost impossible to pick the side.
"I think everyone here feels very privileged to be picked, especially myself being captain.
"There's a number of players that could have been sitting here in the side, Allan Border, Mike Hussey, a number of other players."
The team includes Australia's two highest wicket-takers in McGrath (354) and Warne (291).
Dream Team: Adam Gilchrist (wk), Mark Waugh, Ricky Ponting (vice-capt), Dean Jones, Steve Waugh (capt), Michael Bevan, Andrew Symonds, Shane Warne, Brett Lee, Dennis Lillee, Glenn McGrath and Greg Chappell (12th man).