“It’s a nice feeling to know you’ve been placed in a group with two big names like that,” Smith said.
“I feel it is a bonus of the way I’ve played the last couple years; I’ve climbed up the world rankings and finished fifth at Augusta last year.”
Smith feels he will thrive in the spotlight.
“I like the big stage at the majors,” he said. “I feel it brings out my best golf when there is a bit of pressure.
“There will be a lot of fans watching Rory and it’s going to be fun. And with Rickie, his caddie Joe [Skovron] and my caddie [Sam Pinfold] are really good mates.
“I know Rickie very well, so I think it’s going to be a great group and I’m hoping we can feed off each other’s good play.”
Four-time major winner McIlroy needs to win Augusta’s green jacket to become just the sixth golfer in history to claim all four major championships.
The 29-year-old is favourite to win the year’s first major after he won the elite Players Championship recently and he has finished inside the top 10 in all of his seven PGA Tour starts this year.
Smith, McIlroy and Fowler will tee off in Thursday’s opening round at 11.15am local time (1.15am Friday AEST).
Jason Day will play with fellow former world No.1 Dustin Johnson and in-form American Bryson DeChambeau. They tee off at 1.38pm (3.38am Friday AEST).
Adam Scott, the 2013 Masters winner, is first out among the four Australians on Thursday, teeing off at 10.09am (12.09am Friday AEST) with Japanese star Hideki Matsuyama and American Kyle Stanley.
Marc Leishman, the Australian world No.19, will open his Masters campaign at 10.42am (12.42am Friday AEST) alongside 2010 British Open winner Louis Oosthuizen and Charley Hoffman.
Other notable groups include four-time Masters winner Tiger Woods, Chinese star Haotong Li and Jon Rahm at 11.04am Thursday (1.04 am Friday AEST) as well as Phil Mickelson, Justin Rose and Justin Thomas at 1.49pm (3.49am Friday AEST).