“Dance to the Music” - Sly and the Family Stone:
If I could hear the horns blow
Cynthia [Robinson, trumpet] on the throne, yeah!
Cynthia and Jerry [Martini, sax] got a message that’s sayin’
All the squares, go home!
Arthur Lee and Love had a track called “Signed, DC,” which was probably an allusion to the departure of their old drummer Don Conka.
Pixies “Monkey Gone To Heaven”: Rock me, Joe
Minor Threat “Cashing In” : How do you do? I don’t think that we’ve met. My name is Ian and I’m from Minor Threat.
If you listen to Sam and Dave singing Soul Man, you’ll of course hear the remark to guitarist Steve Cropper partway through: “Play it, Steve!”
Years later, when it was the Blues Brothers doing their thing, Belushi likewise calls out “Play it, Steve!” – because, well, that’s still Steve Cropper on guitar.
(Which is why, as the song ends, Belushi says “Steve Cropper and Duck Dunn!”)
Tommy Boyce and Bobby Hart, with I Wonder What She’s Doing Tonight: the trumpet solo is coming to an end, and it’s just about time to start back in with the vocals, and so Tommy makes with a quick “All right, Bobby, let’s go.”
Mick Jagger shouts out “Keith, what’cha doin’?” on “Dance Part 1” from Emotional Rescue.
Poison
Talk Dirty to me
C.C. Pickup that guitar, and-a-talk to me, yeah. Whoo!
Guitarist C.C. Deville
Anthrax
I’m the man
*Charlie, beat the beats, the beats you beat
Scott plays stick ball and likes to skate
Frank is never on time he’s always*
Charlie Benante Drums
Frank Bello Bassist
Scott Ian Guitarist
Beastie Boys
Paul Revere
Now here’s a little story I’ve got to tell
About three bad brothers you know so well
It started way back in history
With Ad-Rock, M.C.A. (and me) Mike D
The whole group
“The Movies Are a Mother to Me” by Loudon Wainwright III has the lyric:
There’s nothing like the silver screen
To patch things up, to intervene
To bridge the gap that lies between
Loudon and himself
George Harrison sung about his former bandmate with “It’s Johnny’s Birthday.”
Much like Creeque Alley, The Legend of Paul Revere is a group history, and by the end of the song Mark Lindsay has name-checked everyone, including Ray, the engineer.
In the Blues Brothers’ cover of Rubber Biscuit, John Belushi (Jake) mentions himself and Dan Aykroyd (Elwood), as their BB aliases.
Jake:
I promised Elwood that he could do a song.
Elwood, you wanna do a song?
Elwood:
Yeahp.
Jake: Elwood! Elwood! I’m his brother, Jake.
Jimi Hendrix, “Fire”: “Move over, Rover, and let Jimi take over!”
R.E.M.'s “Strange” has the line “Michael’s nervous and the lights are bright” which in this case covers two band members. 
The song is a remake of a tune by the British band Wire, and the line was originally “Joey’s nervous”. IDK if Joey is a band member or not.
“Not The Same” by Ben Folds references his former bassist in Ben Folds Five:
Borderline offering.
Australian band Hoodoo Gurus were a three piece without a bass player. They invented a fictional bassist called Arthur, and wrote a song by that name on their first album, about how Arthur died in a collision between the taxi he was driving and ‘a black gelato van’.
Amaral, “Son mis amigos”
Aguirre toca la guitarra en la 304,
un gato rebelde
que anda medio enamorado
de la señorita rock’n’roll….
Aguirre plays guitar down in 304,
a rebel cat
who’s half in love
with Miss RnR
The components of Amaral are Eva Amaral and Javier Aguirre.
How about Barbara Ann, by The Beach Boys?
(“Scratch it, Carl! Scratch it!”)
They also pay tribute to session drummer Hal Blaine and his “magic ashtrays.”
“Ronnie, Bobby, Rick and Mike
I like the girl, who cares who you like”
Cool it Now by New Edition
"And all my friends just might ask me
They say, “Martin, maybe one day you’ll find true love”
The Look of Love by ABC
A couple from Sublime:
Sublime - Live at E’s
“My name is Eric, I have nothing to say
Because I am not a fucking DJ
And if you wanna come talk to me
Then you gotta talk to my man Bradley”
Sublime - Don’t Push
“Listen Bud Gaugh yea he’s right on time.
Come listen Eric Wilson drop the funky bassline.
Bass…Mmmmm…Come in Bud.”
Eric was on bass, Bradley was lead singer and guitar, Bud was on drums.
The Beatles - Glass Onion (sorry no audio, the Beatles don’t like that apparently.)
“Well here’s another clue for you all
The walrus was Paul.”