A gunman killed 32 people and himself at Virginia Tech on April 16. The concert is seen as a way to help the university begin the new school year on a positive note, organizers said Wednesday.
Free tickets will be available to students, faculty and staff.
All four musical acts have waived their fees for the event. Corporate sponsorships and the sale of commemorative concert items will help cover expenses.
"We're extremely grateful for the compassion and generosity of these artists who wished to create a very special event," Virginia Tech President Charles Steger said in a statement.
Tickets are not being made available to the general public at this time.
"We have a profound respect for the incredible resolve and unwavering sense of hope the university community has shown, and are honored to have the opportunity to share this evening with Virginia Tech," said Carter Beauford, drummer for Dave Matthews Band, in a statement.