The veteran prop was named among the replacements for the match, giving him the opportunity for a 139th cap to draw level with former captain and scrumhalf George Gregan.
There were three changes to the starting line-up from last weekend's 20-19 victory over Argentina in La Plata with Ben Donaldson taking over at five-eighth from Noah Lolesio after kicking the winning penalty at La Plata.
Andrew Kellaway moves off the wing to replace Tom Wright at fullback, allowing Max Jorgensen to slot in at right wing as he starts a Test for the first time days after turning 20.
In the second row, Jeremy Williams comes in for Lukhan Salakaia-Loto.
Slipper returns to the match-day squad after missing last weekend's win for the birth of his second child.
The 35-year-old prop's selection was virtually assured following a head knock suffered by fellow loosehead Isaac Kailea last weekend.
"It's a tremendous achievement for James to equal the record of the most capped Wallaby," Australia coach Joe Schmidt said in a statement on Thursday.
"He's the ultimate team man and I know the whole group will do everything they can to make it a memorable milestone."
Argentina have brought back the veteran second-row duo of Tomas Lavanini and Guido Petti to strengthen their forward power.
Coach Felipe Contepomi announced four changes in the starting line-up.Â
Petti and Lavanini both came off the bench last weekend as Argentina struggled to dominate the set pieces and rucks in rainy conditions.
It was Petti's first Test for Argentina this year and his return to the starting line-up comes at the expense of Franco Molina while Lavanini replaces Pedro Rubiolo, who suffered a concussion in the opening minute of last weekend's match.
Reliable kicker Santiago Carreras is replaced at flyhalf by Tomas Albornoz while Bautista Delguy comes in on the right wing in place of Santiago Cordero in the other changes for a fourth match in this year's southern hemisphere championship for both teams.
Saturday's Test in Santa Fe will mark Argentina skipper Julian Montoya's 100th cap.
Gonzalo Garcia keeps his place as backup scrumhalf after Lautaro Bazan Velez picked up an injury in the warm-up last Saturday.
Argentina surprised with a call-up this week for 35-year-old Tomas Cubelli, who looked to be the preferred cover for first choice Gonzalo Bertranou. But no sooner had Cubelli joined the camp he suffered a muscle strain.
Argentina and Australia have both lost two of their opening three matches in this year's competition.
AUSTRALIA:
Andrew Kellaway, Max Jorgensen, Len Ikitau, Hamish Steward, Marika Koroibete, Ben Donaldson, Jake Gordon, Harry Wilson (capt), Carlo Tizzano, Rob Valetini, Jeremy Williams, Nick Frost, Taniela Tupou, Matt Faessler, Angus Bell. Replacements: Josh Nasser, James Slipper, Allan Alaalatoa, Josh Canham, Langi Gleeson, Tate McDermott, Tom Lynagh, Josh Flook.
Argentina: Juan Cruz Mallia, Bautista Delguy, Lucio Cinti, Santiago Chocobares, Mateo Carreras, Tomas Albornoz, Gonzalo Bertranou, Juan Martin Gonzalez, Marcos Kremer, Pablo Matera, Tomas Lavanini, Guido Petti, Joel Sclavi, Julian Montoya (capt), Thomas Gallo. Replacements: Ignacio Ruiz, Mayco Vivas, Eduardo Bello, Franco Molina, Joaquin Oviedo, Santiago Grondona, Gonzalo Garcia, Santiago Carreras.
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