Defence Minister Jason Kenney says the ship will be named after Margaret Brooke, who was decorated for gallantry in combat during the Second World War.
Brooke was recognized for trying to save others after the Newfoundland ferry S.S. Caribou was torpedoed by a German submarine.
It sank in the Cabot Strait in October 1942.
Brooke struggled to help her friend and colleague Agnes Wilkie as both women clung to ropes on a capsized lifeboat.
Wilkie succumbed to the frigid water, but Brooke was named a member of the Order of the British Empire for her efforts.