Others eligible for the Class of 2016 are doubles specialist Helena Sukova, Yvon Petra and Margaret Scriven.
The hall announced the nominees Friday. The induction is in July.
Henin, a Belgian, won seven major singles championships, including four at the French Open, and spent 117 weeks atop the WTA rankings, finishing at No. 1 in 2003, 2006 and 2007.
Safin, a Russian, won the 2000 U.S. Open and 2005 Australian Open and was No. 1 for nine weeks.