"Inbee has had a phenomenal year," Pettersen said. "She has won three majors and that's pretty impressive all within itself. I can just work on myself and I feel like I've had a fantastic year."
Park will be looking to bounce back from a recent dip in form after recording six wins in the first half of the season. She finished third at the Reignwood Classic in Beijing and tied for 32nd in Malaysia.
"This is the first time I'm playing in an LPGA event in Korea as number one so it's very meaningful for me," Park said.
Joining Pettersen and Park at the $1.9 million event is Na Yeon Choi of South Korea, who won here in 2009 and 2010 but was tied for 39th last year.
"In 2009 and 2010 I had great results here," Choi said. "I tried too hard to win again last year and that had an effect on my game. Since I didn't play well last year, I really want to have a good tournament this week."
Since the tournament's inaugural year in 2002, a South Korean has successfully taken home the title seven out of the first 11 years.