Love will make his debut in the V8-powered series at Sydney Motorsport Park in the Team BRM-run entry.
It will be a homecoming of sorts of Love, who drove for BRM in the now defunct Australian Formula 4 Championship.
He replaces series leader Mawson who has been sidelined by an investigation into supplement use following routine testing at Phillip Island earlier this year.
For Love it will be a return to open-wheelers are several years in tin-top racers.
The West Australian enjoyed a successful stint in one-make Porsche racing that took him all the way to the Supercup in Europe.
He has since turned his attention to Supercars with a second-tier drive with Blanchard Racing Team.
He is also expected to make his Bathurst 1000 debut later this year as part of a BRT wildcard programme.
Love undertook a seat fitting in the S5000 car last Friday ahead of an acclimatisation test at The Bend on Sunday.
"It's exciting to jump into a formula car for the first time in a long time," Love said.
"I've been doing some Radical stuff, but it's been a long time since I've raced anything like this, so I'm really looking forward to the challenge and learning the car and the series.
"There's no doubt it's going to be competitive and close at the front.
"Thanks to [car owner] Albert [Callegher] and ACM Finance for their support and to Team BRM, it's great to be back with the team that helped launch my national racing career.
"It's a great opportunity for more seat time in a fast, challenging car in a long break between Super2 rounds and I plan to make the most of it."
