The Western Mining Corporation legend died on May 1 at the age of 93.
A private funeral was held in Melbourne last week.
A group of mining industry representatives, led by Hugh Morgan and with the support of the Parbo family, has organised the public commemoration.
The memorial will be held at the Melbourne Town Hall on Monday, May 27 at 10am.
Tributes have continued to flow in for Parbo.
At Rio Tinto's Australian annual general meeting in Perth last week, CEO J-S Jacques described Parbo as an Australian pioneer.
"In so many ways, his story mirrors the story of mining in Australia - a testament to the power of hard work and creativity," he said.
To attend the Melbourne memorial, send your RSVP to email@example.com by close of business on Monday, May 20.
To read more about Parbo's remarkable life, click here.