Gregor Townsend has made three changes to the side that defeated Scarlets 14-6 at Scotstoun last Saturday.
Peter Murchie continues at full-back and Tommy Seymour and Niko Matawalu keep their places on either wing.
21-year-old Russell comes in at inside centre with Dunbar moving outside in place of Richie Vernon, who has been named among the replacements.
Duncan Weir and captain Chris Cusiter continue their half-back partnership.
Pat MacArthur comes in for Dougie Hall at hooker and he'll play alongside props Jon Welsh and Gordon Reid in the front row.
Leone Nakarawa replaces the injured Tim Swinson in the second-row and partners Jonny Gray.
There are no changes to the back row with Rob Harley, Chris Fusaro and Josh Strauss all keeping their places in the starting XV.
The Warriors welcome back Scotland international Ryan Wilson, who has been named on the bench, while Sean Maitland continues his comeback from injury as a replacement.
Glasgow Warriors head coach Gregor Townsend said: "This is our biggest game of the season so far with valuable league points up for grabs."
"It was an important win for us last weekend because Scarlets were one place below us in the league and tomorrow we play the team that are one place above us, so this is a crucial game."
"Ospreys are a very physical side with a number of good playmakers in their backs so we'll have to be at our best defensively. Like any game against a top side, we'll have to seize any opportunity that comes our way."
"We are well aware of the huge challenge we face tomorrow night and we're looking forward to playing in front of a big crowd at Scotstoun and the Glasgow support will have a key role to play."
Tickets for the game against Ospreys at Scotstoun Stadium tomorrow (kick-off 7.35pm) are available from www.glasgowwarriors.org and from the ticket office at Scotstoun Stadium from 10.30am on Friday right up until kick-off.
Glasgow Warriors team to play Ospreys, RaboDirect PRO12, Scotstoun Stadium, Friday 28 March (kick-off 7.35pm) - live on BBC ALBA:
15. Peter Murchie
14. Tommy Seymour
13. Alex Dunbar
12. Finn Russell
11. Niko Matawalu
10. Duncan Weir
9. Chris Cusiter (Captain)
1. Gordon Reid
2. Pat MacArthur
3. Jon Welsh
4. Leone Nakarawa
5. Jonny Gray
6. Rob Harley
7. Chris Fusaro
8. Josh Strauss
Substitutes
16. Dougie Hall
17. Jerry Yanuyanutawa
18. Moray Low
19. Ryan Wilson
20. Tyrone Holmes
21. Ruaridh Jackson
22. Richie Vernon
23. Sean Maitland
Not available due to injury: Mike Cusack (medical/illness), Ryan Grant (hamstring), Ed Kalman (back), Al Kellock (shoulder), Sean Lamont (knee), Tom Ryder (knees), Tim Swinson (shoulder) and DTH van der Merwe (shoulder).
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