Wafer, 22, who will join English club Harlequins after the tournament, missed the pool stages as she recovered from a knee operation.
The return of the 2025 Women's Six Nations player of the tournament is one of two changes to Ireland's starting side for their first World Cup quarter-final since 2014.
Wafer replaces Ireland co-captain Edel McMahon after the flanker went off with a knee injury during Ireland's 40-0 loss to reigning world champions New Zealand in their final pool match.
Ireland coach Scott Bemand has also brought in Fiona Tuite for Grace Moore in the back row for the game in Exeter.
Stacey Flood and Eve Higgins, both injured against the Black Ferns, are fit to start at full-back and inside centre.
Ireland qualified for the quarter-finals as runners-up in Pool C, while France are unbeaten after topping Pool D.
France won 27-15 when the teams last met, during the Six Nations in Belfast in March.