The independent panel, chaired by former East Timor president Jose Ramos-Horta, includes 13 experts from a range of countries who will undertake the first major review of peace operations in 15 years.
"The world is changing and UN peace operations must change if they are to remain an indispensable and effective tool in promoting international peace and security," Ban said in a statement.
The panel will assess the UN's 16 peace operations and look at the needs of the future, from changing warfare to administrative arrangements of missions and the protection of civilians.
The UN's 130,000 troops, police and civilian staff serving in missions worldwide are being drawn into more complex conflicts while being tasked with enforcing fragile peace deals.
The report of the high-level panel is to be presented to the UN General Assembly during the annual meeting in September 2015.