Wang, ranked No. 27, plans on donating $140 for each game she wins in her next six events, including this week in Thailand.
"China is my homeland, and obviously it is tough for me and for all my people," Wang told the WTA website.
According to the WTA, Li has donated $430,000 to a charity helping to combat the spread of the virus. Li is from Wuhan, the region where it began, and subsequently been hit the hardest.
Several scheduled lower level tournaments in China, along with the ITF's Fed Cup Oceania/Asia Group I event, have been cancelled, postponed or relocated due to the outbreak.