In what will be a crucial game in preparation for UEFA EURO 2016, the visit of Danny Blind's team - who are 17th in the FIFA World Rankings - to Dublin allows O'Neill to test his players against quality opposition.
After missing the March friendlies against Switzerland and Slovakia through injury, there are recalls for Shay Given, Marc Wilson, Jeff Hendrick, Harry Arter, Jonathan Walters, and David McGoldrick.
There is also a first senior call-up for Ireland Under 21 international Callum O'Dowda, who recently helped Oxford United seal automatic promotion to League Two in England.
"Everything now is about preparing for EURO 2016 and that is why we wanted to play a team of the calibre of the Netherlands as we aim to make the most of our time ahead of the departure for France," said O'Neill at a press conference at Three's Headquarters.
"We will travel to Fota Island Resort for a training camp and a game against Belarus in the week afterwards, but this game at the Aviva Stadium is very important in terms of building our match sharpness and getting into tournament mode.
"It is also an opportunity to play in front of the Ireland supporters, who have been terrific, at the Aviva Stadium before leaving for the EUROs and that is something that means a lot to the players because when we get together, it all comes together."
The Ireland squad will begin their preparations for EURO 2016 on Monday, May 23 at the FAI National Training Centre before facing Netherlands on Friday, May 27. O'Neill will announce his EURO 2016 panel the following day at a press conference.
The squad will then transfer to County Cork for a week-long training camp at Fota Island Resort and take on Belarus in a 'Three' International Friendly on Tuesday, May 31 at Turner's Cross.
The squad will depart for France on Wednesday, June 8.
Republic of Ireland squad
Goalkeepers: Shay Given (Stoke City, 133 caps / 0 goals), Darren Randolph (West Ham United, 8/0), David Forde (Millwall, 23/0), Keiren Westwood (Sheffield Wednesday, 18/0)
Defenders: Seamus Coleman (Everton, 33/0), Cyrus Christie (Derby County, 4/1), Paul McShane (Reading, 33/0), Ciaran Clark (Aston Villa, 16/2), Richard Keogh (Derby County, 11/1), John O'Shea (Sunderland,110/3), Alex Pearce (Bristol City*, 7/2), Shane Duffy (Blackburn Rovers, 2/0), Marc Wilson (Stoke City, 24/1), Stephen Ward (Burnley, 32/2)
Midfielders: Aiden McGeady (Sheffield Wednesday*, 81/5), James McClean (West Bromwich Albion, 36/5), Glenn Whelan (Stoke City, 70/2), James McCarthy (Everton, 35/0), Jeff Hendrick (Derby County, 19/0), David Meyler (Hull City, 15/0), Stephen Quinn (Reading, 14/0), Darron Gibson (Everton, 25/1), Harry Arter (Bournemouth, 1/0), Wes Hoolahan (Norwich City, 28/2), Eunan O'Kane (Bournemouth, 2/0), Anthony Pilkington (Cardiff City, 9/1), Robbie Brady (Norwich City, 22/4), Jonathan Walters (Stoke City, 38/10), Jonathan Hayes (Aberdeen, 2/0), Callum O'Dowda (Oxford United, 0/0)
Forwards: Robbie Keane (LA Galaxy, 143/67), Shane Long (Southampton, 61/15), David McGoldrick (Ipswich Town, 2/0), Kevin Doyle (Colorado Rapids, 62/14), Daryl Murphy (Ipswich Town, 20/0)
*Indicates player is currently on loan
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