Arsene Wenger announced the Welshman was back in training on Thursday and confirmed on Friday that the 23-year-old midfielder will travel to Goodison Park for the Premier League clash.
Ramsey had been in fine form until his progress was curtailed by a thigh injury sustained against West Ham on Boxing Day.
Wenger had hoped to bring Ramsey back for last month's north London derby with Tottenham, but he suffered a setback in training ahead of the match.
There is now better news for Wenger, however, as Ramsey returns for what could be a potentially decisive fixture in the battle for the final UEFA Champions League spot against Roberto Martinez's men, while Nacho Monreal is also in contention following an ankle injury.
"Ramsey and Monreal will be back in the squad on Sunday," said the Arsenal manager.
"He (Ramsey) drives the team forward and he is a box-to-box player. It's good to have him back.
"He has worked very hard in training. What he lacks is competition. Having someone like Ramsey back who can help the team be successful is, of course, very important."
Arsenal's title hopes have been hampered by a three-match winless run.
But the London club put in a much-improved showing in the 1-1 draw with Manchester City at the Emirates Stadium last weekend and Wenger is urging his players to continue to fight until the end.
"We have a small percentage to win the title but we have to give everything to make it possible," he added.
"The target is to finish as high as possible. It's impossible to predict where we will finish.
"We know that every game becomes vital.
"We came out with a strong performance against City and I think we have turned a corner."
