Competing countries will include Australia, West Indies, England, New Zealand, Sri Lanka, South Africa, India and Pakistan with promotion and relegation at the end of the first cycle.
Each team will play the others in a series of matches between mid-2014 and the end of 2016, with the top teams qualifying automatically for the ICC Women's World Cup in 2017.
ICC Chief Executive David Richardson said: "This is a very positive step for the profile and competitiveness of women's cricket.
The bottom countries at the end of the International Women's Championship will be joined by a number of teams from the ICC's regional qualification structures to play in the Women's World Cup Qualifier, which will determine the final World Cup participants.
Meanwhile, the ICC Board received an update on the World Twenty20 in Bangladesh that included a report from a recent security meeting in Dhaka and noted the positive progress that had been made.