Pence was invited to speak at the annual event but turned it down, according to a source familiar with the event planning.
Former President Donald Trump will be in attendance, however, as he is scheduled to make his first major public appearance since leaving office.
Two sources told Fox News that Trump is planning to address the conference on Sunday, Feb. 28. The event will kick off in Orlando, Fla., on Thursday.
A Pence aide told Fox News Sunday that the former vice president has been intentionally been keeping a low profile, focusing on family and his new partnerships with the Heritage Foundation and Young America's Foundation.
Members of Pence's team had previously said that Pence harbored some "bitterness" toward Trump after the Jan. 6 riot at the Capitol building.
"Fox News Sunday" host Chris Wallace reported earlier this month that according to Pence's aides, Trump's failure to call off the mob and ensure the safety of his loyal second-in-command represented the "ultimate betrayal."
Former Pence chief of staff Marc Short, however, told Fox News on Friday that Pence and Trump still speak.
Trump is expected to talk about the future of the Republican Party and the conservative movement. Also, look for him to take on President Biden's "disastrous amnesty and border policies," according to a source familiar with Trump's speech.
The former president has stayed relatively quiet since leaving the White House on Jan. 20, but he has indicated he wants to stay politically active and told his supporters after his impeachment acquittal the MAGA movement is still going strong.
"Our historic, patriotic and beautiful movement to Make America Great Again (MAGA) has only just begun," Trump said in a statement last week. "In the months ahead I have much to share with you, and I look forward to continuing our incredible journey together to achieve American greatness for all of our people. There has never been anything like it!"
Fox News' Mark Meredith, Marisa Schultz and Yael Halon contributed to this report.