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Wushu Association of India president Bhupinder Singh Bajwa will be the chairman of the panel with hockey Olympian M M Somaya and former international shuttler Manjusha Kanwar being the other two members.
Awards have become meaningless when wrestlers are struggling for justice.
The Ministry has asked the Indian Olympic Association to constitute an ad-hoc body to control and manage the affairs of the WFI.
The results will be announced the same day.
The Sports Ministry has given approval to 634 athletes from 38 different sporting disciplines to participate in the quadrennial Games.
Vinesh's outburst comes after the United World Wrestling provisionally suspended the Wrestling Federation of India for not conducting elections on time.
The Indian wrestlers will have to compete as 'neutral athletes' at the Olympic-qualifying World Championships, starting September 16.
With lower-ranked Myanmar and Bangladesh in their group, the Indian men will be expected to progress to the next round of the competition, while the women will also fancy their chances in the Asian Games.
Around 150 people, including family members of the wrestlers, are seeking a meeting with IOA president P T Usha and ad-hoc panel chief Bhupender Singh Bajwa.
The move to exempt Bajrang and Vinesh, however, has not gone down well with fellow competitors, who have threatened to move court.