Buscombe, who was made a life peer in 1998, will succeed current chairman Sir Christopher Meyer, who leaves the post in March 2009.
She will leave her current role as chief executive of the Advertising Association to join the PCC in April next year, a press release from the association said.
Buscombe has also been Conservative front bench spokesman in the House of Lords and is a trained barrister.
"I have always been a champion of self regulation which is vital to balance the freedom of the press with the rights of the public. This is a crucial time in the development of the
Commenting on his successor's appointment, current PCC chairman Meyer said: "Peta Buscombe is an excellent choice for the job which is as challenging as it is enjoyable. I have no doubt that she will be highly successful in further strengthening the effectiveness, independence and credibility of the PCC."
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