Lovell is currently president of Lovell Communications, which disseminates information about the U.S. space program.
DSS chairwoman Leah Weiser said Lovell would speak about his experiences in space, particularly the Apollo 13 mission.
"He's an important speaker because he brings experience most people will never have, like going into space and being one of the first men to orbit the moon," Weiser said. "To hear about those experiences firsthand will be a valuable experience for students."
Penn State spokesman Geoff Rushton said that he is expecting Lovell's speech to draw anyone with an interest in science.
"He's a guy who was there at the very beginning of the space era and who was involved with some of the biggest and most important missions in the '60s," he said.
Derek Fox, an astronomy and astrophysics professor, said students can learn from Lovell's riveting Apollo 13 experiences.
"Lovell and his crew managed to endure a serious malfunction in the midst of outer space, further away from humanity than anyone had ever been before," Fox said. "Students can learn from him how to respond to a crisis situation, how to think on their feet and how to work their way out of a situation."
Fox said he is eager to hear Lovell's opinion on NASA's initiative to return to the moon.
"It will be interesting to hear what he thinks about going back to the moon some 30 years later and if he thinks it's worth more than $100 billion," Fox said. "And what does he think about manned missions to Mars -- can we go safely and without a malfunction?"
Lovell will also hold a press conference at 7 tonight in the lower level of Eisenhower Auditorium.
Tickets are required for the event, which is free to the public. Len Codispot, an Eisenhower Auditorium box office employee, said about 300 tickets remain.