The draw for the 16-man event saw Davis - the only man in the tournament still playing on the main tour at the age of 55 - and Canada's Thorburn paired together 29 years after Davis usurped Thorburn 18-6 in the final of the sport's biggest tournament at the Crucible Theatre in Sheffield.
Davis won six world titles in 1981, 1983, 1984, 1987, 1988 and 1989 while Thorburn collected his solitary World Championship in 1980.
The Mountbatten Centre in Portsmouth holds event, open to over-45s, for the first time on October 27 and 28.
Six-times world championship finalist Jimmy White meets 1990 Masters runner-up Mike Hallett with last year's winner Darren Morgan - who downed Steve Davis 2-1 in the 2011 final - will meet 1986 world champion Joe Johnson.
1985 world champion Dennis Taylor will face one of the four players who come through the qualifying rounds.
World Seniors Championship full draw
Dennis Taylor v Qualifier 2
Darren Morgan v Joe Johnson
Alain Robidoux v Qualifier 1
Dene O'Kane v Qualifier 3
Jimmy White v Mike Hallett
Tony Knowles v Karl Townsend
Steve Davis v Cliff Thorburn
Tony Drago v Qualifier 4