Beginning at St Editha's church at 11.45am, standard bearers will assemble with the service beginning at 12 noon.
The 'Grazier Day' tribute is held each year in honour of the man who gave his life retrieving vital Enigma codes from a stricken German U-boat.
Wreaths will be laid at the Grazier Anchors monument in St Editha's square after the service.
Lt Tony Fasson, who drowned alongside Grazier, and NAAFI assistant Tommy Brown, who died two years later in house fire, are also remembered.
The men's courageous actions helped shorten the Second World War by up to two years and all three will be remembered in a rum toast, after which those attending are invited for refreshments at the RNA in Victoria Road.
