Governing body FIA said the proposal was unanimously approved in a meeting between series stakeholders in Geneva yesterday.
The new system will be evaluated for introduction at the first grand prix of the year in Australia on March 20.
The F1 commission also approved "new measures designed to deliver a faster, more spectacular" F1 championship in 2017.
New bodywork regulations have been adopted "to create more exciting cars."
The F1 commission also confirmed the intention of introducing "some form of cockpit protection" next season.
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All cars would have seven minutes to set their times in the beginning of the session, and seven drivers would be eliminated.
Another seven drivers would be eliminated in the second session after having six minutes to set their times, and the final eight would advance.
In the final session, drivers would have five minutes to set their times before the 90-second elimination begins, until two cars are left for the final minute-and-a-half duel.
"New bodywork regulations have been adopted to create more exciting cars, delivering additional downforce to increase speeds and lower lap times," a FIA statement said.
The changes still must be approved by the World Motor Sport Council. The commission said "all stakeholders are working together" to improve cockpit protection for drivers beginning in 2017. It said the "Halo" concept was "currently the preferred option," but others were still being evaluated, including a "transparent cockpit protection."
"I'm open to it," Sauber driver Felipe Nasr added. "If it's really something that will improve our safety and without affecting drivability, I'm open to it and don't see a problem implementing this in F1."
The F1 Commission said it also agreed to introduce a "Driver of the Day" award.