Josipovic was invited by the municipality of Kistanje and the Serb National Council (SNV) which are organising the event, officials from the Office of the Croatian President told reporters on Monday.
Josipovic's visit to Varivode is seen as the continuation of his policy of expressing respect and sympathy to all those killed in the 1991-1995 Homeland War and to all victims of the wars that followed the collapse of the former Yugoslavia.
The Croatian president would like to emphasise that every civilian victim is entitled to respect, his Office said.
The 2.5-metre-high stone monument bears the inscription "To the Innocent and Brutally Murdered Inhabitants of Varivode on 28 September 1995" and lists the names of the victims both in the Latin and the Cyrillic script.
Nine civilians aged between 45 and 84 were killed and the perpetrators have not been identified to date.
Josipovic will also visit the nearby Serb Orthodox monastery of Krka.