The Proteas will take on the Aussies in three Test matches, starting in Brisbane on 17 December followed by the traditional Boxing Day and New Year's matches in Melbourne and Sydney.
The 22-year-old Coetzee is an express paceman and earned his national call-up having taken 40 wickets in 13 first-class games at an average of 28.82.
Petersen sustaining a severe injury to his hamstring in domestic cricket earlier this month with batter Theunis de Bruyn recalled to the national set-up in his place.
The 30-year-old De Bruyn last played for the Proteas in 2019 and has 12 Test appearances under his belt and boasts a batting average of more than 41 in first-class cricket.
Rassie van der Dussen has recovered from the finger injury that cut short his tour to England earlier in the year and the subsequent T20 World Cup to take his place in the squad, while spinner Keshav Maharaj was cleared for the tour after sustaining an injury at the global tournament.
Malibongwe Maketa has been appointed as interim coach for the series in Australia following the departure of Mark Boucher after the T20 World Cup campaign.
South Africa's national convenor of selectors Victor Mpitsang said: "We are pleased with the group of players that have been assembled for this tour.
"I think the selectors now have a core group of Proteas that has been built and it is just about building on what we have.
"There is a welcome return for our vice-captain Temba after his injury and we are also happy to have Rassie back too following his finger injury in England. I am especially excited about our pace attack, which is no doubt growing in stature and strength.
"Overall, all the players selected undoubtedly have the ability to play at the highest level, and evidence of that is our standing on the ICC World Test Championship table. We are confident that if they play to their ability, we can challenge Australia in their conditions."
The Proteas will depart for Australia on 1 December and as part of their preparation, Dean Elgar's side will play an unofficial four-day match against Cricket Australia XI from 09 - 12 December at the Allan Border Field in Brisbane.
South Africa Test squad: Dean Elgar (capt), Temba Bavuma, Gerald Coetzee, Theunis de Bruyn, Sarel Erwee, Simon Harmer, Marco Jansen, Heinrich Klaasen, Keshav Maharaj, Lungi Ngidi, Anrich Nortje, Kagiso Rabada, Glenton Stuurman, Rassie van der Dussen, Kyle Verreynne, Khaya Zondo