The committee has summoned team management, former director general Javed Miandad and Pakistan Cricket Board (PCB) officials for the meeting in the capital Islamabad.
Pakistan suffered their heaviest one-day defeat -- by 234 runs - against Sri Lanka in the series-deciding one-day match in Lahore last month which handed the visitors a 2-1 series win.
In the aftermath, captain Shoaib Malik was replaced by senior batsman Younus Khan. Malik, coach Intikhab Alam and chief selector Abdul Qadir will also attend the meeting to explain the reasons behind the loss.
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Senator Tahir Mashhadi said the committee is determined to find the causes behind the deteriorating standards of the team.
"Cricket is our top game so we want to address the reasons behind team's defeat against Sri Lanka and want to improve our cricket board affairs, which look in a shambles," Mashhadi told AFP.
Mashhadi said the resignation of Miandad was also on the agenda.
"We have requested Miandad to give hi