The decision to honour the servicemen who were awarded Britain's highest award for gallantry forms part of a series of events to mark the 100th anniversary of the outbreak of the conflict.
Council bosses say their events will honour and remember the lives of those who served and those who were affected but are not intended to celebrate the conflict.
The commemorations, like the war itself, will span four years and focus on the conflict's local impact and significant events.
A service will be held in St Mirin's Cathedral in Paisley on August 4 which will end at 11pm - the date and time Britain declared war on Germany after it failed to withdraw its forces from Belgium.
Before the service, a wreath-laying ceremony, involving Renfrewshire Provost Anne Hall and representatives of the armed forces will be held at the town's High Street war memorial.
Ms Hall said: "The First World War brought to a close a period of optimism, peace, technological advances and scientific discoveries.
"It heralded four years of fighting that proved so terrible the conflict became known as 'the war to end all wars'.
"A century on from the start of the conflict, it is right and proper we remember and commemorate those it affected, both at the Front and at home."
Five Renfrewshire men won the Victoria Cross, two in the First World War, one in the second and two in the Crimean War.