The 10-time Grand Slam champion from Serbia could face Japan's seventh seed Kei Nishikori in the quarters, while Switzerland's 17-time major winner Federer is set to meet Czech Tomas Berdych in the second quarter-final of the top half of the men's draw.
Top seed Djokovic, who wore down Andy Murray to win last year's Australian final, won three Grand Slam titles among 11 tournament victories in a sensational 2015 season, and a win-loss record of 82-6.
He will play South Korean Hyeon Chung in the opening round.
British second seed Murray is drawn to meet Spanish terrier David Ferrer in a quarter-final in the bottom half of the men's draw. (Djokovic Raises Hopes of Golden Slam)
The Scot will take on Germany's Alexander Zverev in the opening round, while eighth seed Ferrer could face Lleyton Hewitt in the second round in the Australian great's 20th consecutive and farewell home Grand Slam before his retirement.
Murray could have a showdown with top-ranked Australian youngster Bernard Tomic in the fourth round.
Rafael Nadal faces a potential rematch of his losing 2014 final against Swiss fourth seed Stan Wawrinka in the other quarter-final in the bottom half of the draw.
Wawrinka is projected to face big-serving Canadian Milos Raonic in the fourth round, while Nadal could take on South African Kevin Anderson in the last 16.