Researchers also provide guidelines on how to apply their approach to assist fossil hunting in other continents.
"A chain of ideal conditions must occur for fossils to form, which means they are extremely rare - so finding as many as possible can tell us more of what the past was like, and why certain species went extinct," said Corey Bradshaw from University of Adelaide in Australia.
"We hope our models will make it easier for palaeontologists and archaeologists to identify new fossil sites that could yield vast treasures of prehistoric information," said Bradshaw.
They applied their techniques to a range of Australian megafauna that became extinct over the last 50,000 years, such as the giant terror bird Genyornis, the rhino-sized 'wombat' Diprotodon, and the marsupial 'lion' Thylacoleo.
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To produce the species distribution models of these long-extinct animals, researchers used 'hindcasted global circulation models' to provide predicted temperature and rainfall for the deep past, and matched this with the estimated ages of the fossils.
"We combined each of these for an overall 'suitability for fossil discovery' map," he said.
"Our methods predict potential fossil locations across an entire continent, which is useful to identify potential fossil areas far from already known sites," said Ingmar Unkel from Kiel University in Germany.
"It is a good exploration filter; after which remote-sensing approaches and fine-scale expert knowledge could complement the search," said Unkel.
The findings were published in the journal PLOS ONE.