This two-part comprehensive survey is devoted to a computing framework most commonly known under the names Hyperdimensional Computing and Vector Symbolic Architectures (HDC/VSA). Both names refer to a family of computational models that use high-dimensional distributed representations and rely on the algebraic properties of their key operations to incorporate the advantages of structured symbolic representations and distributed vector representations. Notable models in the HDC/VSA family are Tensor Product Representations, Holographic Reduced Representations, Multiply-Add-Permute, Binary Spatter Codes, and Sparse Binary Distributed Representations but there are other models too. HDC/VSA is a highly interdisciplinary field with connections to computer science, electrical engineering, artificial intelligence, mathematics, and cognitive science. This fact makes it challenging to create a thorough overview of the field. However, due to a surge of new researchers joining the field in recent years, the necessity for a comprehensive survey of the field has become extremely important. Therefore, amongst other aspects of the field, this Part I surveys important aspects such as: known computational models of HDC/VSA and transformations of various input data types to high-dimensional distributed representations. Part II of this survey [84] is devoted to applications, cognitive computing and architectures, as well as directions for future work. The survey is written to be useful for both newcomers and practitioners.