Four players from champions Australians also made the XI with player of the tournament Ashleigh Gardner joined by Alyssa Healy, Darcie Brown and Megan Schutt while England's Nat Sciver-Brunt has been selected as captain.
Brits has been chosen as an opener after smashing back-to-back fifties to guide the host nation to the final, making 186 runs across the competition.
She was named player of the match in the semi-final win over England after she hit 68 from 55 balls before taking four catches in a star performance.
Wolvaardt is in at number three after ending the tournament as the leading run-scorer with 230, including 61 in the final.
The stylish batter hit 22 fours and a tournament-high five sixes as she passed fifty three times during the World Cup.
Fast bowler Ismail is the third South African in the star-studded line-up after taking eight wickets in seven matches.
The fiery competitor delivered the fastest ball in the tournament during the semi-final, also bowling three maidens, with no other bowler producing more than one.
The team was chosen by a panel of experts including commentators Ian Bishop, Melanie Jones and Ebony Rainford-Brent, journalist Firdose Moonda, with ICC Women's Cricket Manager Snehal Pradhan acting as convenor.
ICC's women's T20 World Cup Team of the tournament:
Tazmin Brits (South Africa) 186 runs at 37.20
Alyssa Healy (wk) (Australia) 189 runs at 47.25 and four dismissals
Laura Wolvaardt (South Africa) 230 runs at 46.00
Nat Sciver-Brunt (c) (England) 216 runs at 72.00
Ashleigh Gardner (Australia) 110 runs at 36.66 and 10 wickets at 12.50
Richa Ghosh (India) 136 runs at 68.00
Sophie Ecclestone (England) 11 wickets at 7.54
Karishma Ramharack (West Indies) 5 wickets at 10.00
Shabnim Ismail (South Africa) 8 wickets at 16.12
Darcie Brown (Australia) 7 wickets at 15.00
Megan Schutt (Australia) 10 wickets at 12.50