You can absolutely switch up your wedding invitation wording to include the name of a deceased loved. One tactful and meaningful way to do this is to change the format slightly to accommodate the word "late" in front of your family member’s name. (Beyond the invitation wording, you have plenty of ways to honor a deceased parent during your ceremony and reception.) It can look something like this.
If their names haven't been included in the host line, they should still take center stage a few lines down. No one would forget to add this to a wedding invitation, of course, but you might be wondering whose name should go first on a wedding invitation? Traditionally the name of the bride always precedes the groom's name. Formal invitations issued by the bride's parents refer to her by her first and middle names, the groom by his full name and title; if the couple is hosting by themselves, their titles are optional.