A wing part that washed up on the French Indian Ocean island of La Reunion was being flown to Paris for analysis in what could be the first breakthrough in a case that has baffled aviation experts for 16 months.
Bishop said she was hopeful it could provide insight into what happened to the Malaysia Airlines flight, which disappeared on March 8 last year en route from Kuala Lumpur to Beijing with 239 people on board.
"So, in a sense, this is the first positive sign that we have located part of that plane."
Australia has been leading the hunt for the plane with satellite and other data pointing it to coming down in the southern Indian Ocean.
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Ships have been scouring more than 50,000 square kilometres of deep ocean floor for evidence, although none has so far been found. Authorities plan to search a total of 120,000 square metres.
"Australia is in charge of that search, it's an international effort," she said.
"Of course, experts will have to analyse if this is a piece of MH370, the current drifts and how it ended up there and what does that mean for the broader search question.
"But Australia is still committed to assisting and doing whatever we can so that we can locate MH370 and provide answers for the families of the 239 people onboard that flight."
Yesterday, Deputy Prime Minister Warren Truss said Australia was "confident that we're searching in the right place".
But Truss also cautioned that while the discovery "could be a very important piece of evidence" if it was linked to MH370, using reverse modelling to determine more precisely where the debris may have drifted from was "almost impossible".