They will replace outgoing members Al Arbour, Richard Patrick, Marty Pavelich and Frank Selke, whose terms expire Saturday. The new additions were appointed to the 18-member selection committee by the hall's board of directors. The committee nominates and votes on candidates in the player, builder and referee/linesman categories.
"The Hockey Hall of Fame is pleased to welcome these four distinguished individuals to our team," hall chairman Bill Hay said in a release. "Lanny, Peter, Bill and Michael have been involved with the game in different ways for many years and their experiences will be invaluable during the evaluation of future candidates."
The committee will meet June 28 to consider the nominees for this year's induction, which is set for Nov. 12.
McDonald, inducted into the Hockey Hall of Fame in 1992, played 16 NHL seasons with the Toronto Maple Leafs, Colorado Rockies and Calgary Flames.
Stastny, inducted to the hall in 1998, was one of the NHL's most prolific scorers in the 1980s with the Quebec Nordiques.
Torrey, inducted to the hall as a builder in 1995, was general manger of the New York Islanders during their dynasty years in the late '70s and early '80s.
Farber is a senior writer with Sports Illustrated and received the Elmer Ferguson award for distinguished hockey writing in 2003.
The other selection committee members are: James Gregory (chair); Emile Francis; Scott Bowman; Dick Irvin; Colin Campbell;
Ed Chynoweth; Yvon Pedneault; John Davidson; Pat Quinn; Eric Duhatschek; Serge Savard; Jan-Ake Edvinsson; Harry Sinden; and Mike Emrick.