Jane Doe says when she arrived at the party she was asked to sign a document, which she believes was a non-disclosure agreement, says the lawsuit.
The legal action says she recognised "many celebrities" at the party and observed widespread drug use, including cocaine.
A waitress offered her a drink that made her feel "woozy", so she went into a room to lie down, according to the lawsuit.
Soon afterwards, the legal action says, Mr Combs and Mr Carter entered the room with a female celebrity, described as Celebrity B. "Plaintiff immediately recognized all three celebrities," says the lawsuit.
The legal action says Mr Combs approached her "with a crazed look in his eyes", grabbed her and said: "You are ready to party!"
Mr Carter held her down and raped her, before Mr Combs did the same, all while Celebrity B watched, according to the lawsuit.
Jane Doe fought back during the assault and when Mr Combs backed away in surprise she escaped, the legal action says.
The lawsuit, which seeks unspecified damages, says the plaintiff still suffers from post-traumatic stress disorder and depression as a result of the alleged rapes.
In his statement, Mr Carter, who is married to Beyoncé, with whom he has three children, said: "My only heartbreak is for my family.
"My wife and I will have to sit our children down, one of whom is at the age where her friends will surely see the press and ask questions about the nature of these claims, and explain the cruelty and greed of people."
