The Arsenal man is yet to recover from a thigh problem that has kept him out of action since Boxing Day, while the Sunderland man, on loan at Nottingham Forest is also absent
Ramsey has been out of action since Boxing Day with a thigh problem while Nottingham Forest's Sunderland loanee Vaughan is missing with a knee injury.
In their absence, Chris Coleman has opted to call up uncapped Manchester City midfielder Emyr Huws - on loan at Birmingham City - while the Wales manager is also hopeful Real Madrid's Gareth Bale will feature in the clash.
"He [Bale] has had a great start at Real Madrid, with plenty of goals and assists. He is adapting well to living in a foreign country and I think he is doing great," Coleman said.
"We only have a limited number of preparation matches, so it is important that he is with us, but I will monitor the situation."
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The visit of Iceland to the Cardiff City Stadium is the first of two friendlies for Wales, with a trip to the Netherlands set to be their final fixture before qualifying begins for the 2016 European Championship.
Wales will face Bosnia-Herzegovina, Belgium, Israel, Cyprus and Andorra in Group B and Coleman hopes to be able to select from a settled squad for the campaign.
"It is all about us really. We could no nothing about the teams that were drawn out, but it is down to us to get a good start. Looking at the way that the fixtures have come-out, we have that chance," he said.
"Until we qualify, this isn't a 'Golden Generation' - it will only be that when we qualify. Here is another chance and we must take it, but we need all these players available at one time.
"Looking at the group, we have a very good chance. We know all about Belgium and we also know that Bosnia-Herzegovina will be strong. OK, Andorra are looked upon as the minnows, but even they always have a physical presence in a game and can be difficult to break down."
Squad in full:
Goalkeepers: Wayne Hennessey (Crystal Palace), Boaz Myhill (West Bromwich Albion), Owain Fon Williams (Tranmere Rovers)
Defenders: James Collins (West Ham United), Ben Davies (Swansea City), Danny Gabbidon (Crystal Palace), Chris Gunter (Reading), Adam Matthews (Celtic), Jazz Richards (Swansea City), Sam Ricketts (Wolverhampton Wanderers), Neil Taylor (Swansea City), Ashley Williams (Swansea City)
Midfielders: Joe Allen (Liverpool), Jack Collison (West Ham United), Emyr Huws (Manchester City), Andy King (Leicester City) Joe Ledley (Crystal Palace), Jonathan Williams (Crystal Palace)
Forwards: Gareth Bale (Real Madrid), Simon Church (Charlton Athletic), Jermaine Easter (Millwall), Hal Robson-Kanu (Reading), Sam Vokes (Burnley)