Former World Cup winner Ben Kay and ex-Lions coach Sir Ian McGeechan will help decide the future of England head coach Stuart Lancaster.
England became the first World Cup hosts to be eliminated at the group stage after losing to Wales and Australia.
The RFU says the World Cup review will include “extensive input from players, coaches and management staff”.
A five-man review panel will be led by RFU chief executive Ian Ritchie.
It also includes former Football Association chief executive and current England Rugby 2015 board member Ian Watmore and Professional Game Board chairman Ian Metcalfe.
No date has been set for the completion of the review. The next RFU board meeting will take place on 17 November.
The RFU said “feedback will remain confidential, with recommendations then made to the RFU board”.
The performance of Lancaster and assistants Andy Farrell, Graham Rowntree and Mike Catt will be covered by the review.