Renshaw, who is coming off a superb Sheffield Shield century for the Bulls this week, is a chance to make his 50-over debut for Australia in the upcoming series against India.
The left-hander was last picked for an ODI squad back in 2022, but never played a match for Australia.
Renshaw has played 14 Tests for Australia and could be considered for a red-ball recall should he continue making runs for Queensland.
Other notable inclusions are Mitchell Starc, who has been resting since starring for Australia in the 3-0 Test demolition of West Indies in July.
BBL hero Mitch Owen is a chance to finally make his ODI debut after being concussed before the last 50-over series against South Africa in September.
Test and ODI captain Pat Cummins remains missing as he attempts to recover from a back injury in time for the start of the Ashes in November.
"We have named a squad for the ODI series and first two games of the T20 series as there will be some management through the back end of the series as individuals prepare for the summer through Sheffield Shield cricket," chairman of selectors George Bailey said.
"The majority of the T20 squad will remain together as it's an important period in the build towards the World Cup next year, however we are trying to strike a balance to ensure we simultaneously prepare certain individuals for the Test series ahead."
Australia's three-match ODI series will start on October 19 in Perth, followed by five T20s against India from October 29.
Australia are coming off a resounding 2-0 series win in the T20s against New Zealand last week, inspired by Mitch Marsh's brilliant century in the final game.
AUSTRALIA ODI SQUAD: Mitchell Marsh (capt), Xavier Bartlett, Alex Carey, Cooper Connolly, Ben Dwarshuis, Nathan Ellis, Cameron Green, Josh Hazlewood, Travis Head, Josh Inglis, Mitchell Owen, Matthew Renshaw, Matthew Short, Mitchell Starc, Adam Zampa.
AUSTRALIA T20 SQUAD (first two games): Mitchell Marsh (capt), Sean Abbott, Xavier Bartlett, Tim David, Ben Dwarshuis, Nathan Ellis, Josh Hazlewood, Travis Head, Josh Inglis, Matthew Kuhnemann, Mitchell Owen, Matthew Short, Marcus Stoinis, Adam Zampa.