The two-hour "Rally in the Valley" event will begin at 5:45 p.m. on Old Main Lawn.
Bram Woolley is facing misdemeanor charges for allegedly ignoring multiple orders from police officers to leave the area during Monday night's protest.
Far-right activist Jack Posobiec will join Mastriano at the rally.
Students will now receive a non-transferable wristband which they will be required to show to enter the student section.
Penn State police said it recommended Monday night's controversial event to be canceled as violence escalated.
The event, which was set to feature the founder of the Proud Boys, Gavin McInnes, and Alex Stein, was canceled less than an hour before its scheduled start due to the "threat of escalating violence."