McGinley played under Torrance and holed the winning putt at The Belfry in 2002, while Smyth was a vice-captain under Ian Woosnam for the record-equalling win at the K Club in 2006.
A further two vice-captains will be chosen later in the year, with McGinley waiting to see how his 12-man team is shaping up before making an announcement.
The Dubliner often plays golf against Torrance at Sunningdale and has made no secret of his admiration for the Scot's handling of the captaincy after the 12-month postponement caused by the 2001 terrorist attacks in the United States.
"We won at The Belfry because of one reason, captain Sam Torrance," McGinley said in 2012. "There's no doubt about it and anyone on that team would tell you why."
United States captain Tom Watson has already named Andy North and Ray Floyd as his vice-captains for the biennial contest from September 26-28.
McGinley said: "I am delighted to officially unveil Des and Sam as two of my vice captains for the Ryder Cup.
"As well as being good friends, they are two guys that I greatly admire both personally and professionally and I know they will be vital assets to me in Scotland in September.
"They were the first two people I had in mind for this role when I was appointed captain and, since then, I have talked to a lot of the experienced European players about having them as part of the team and, to a man, they have been very supportive of the idea.
"Des took me under his wing when I was a young rookie on Tour and he gave me tremendous advice which was not only valuable then but has continued to ring true for me throughout my professional career.
"His views and ideas about the Ryder Cup particularly have consistently proved to be spot on and I really enjoyed working with him as a vice captain in 2006 when I was a player.
"Sam is a man who has probably had the most influence on me in terms of playing team golf in my career.
"Being my first captain in the Ryder Cup in 2002, I learned a huge amount from him and have continued to do so over the years.
"Since those early days, our relationship has grown to see us become firm friends and, living not far apart, we see a lot of each other socially as well."