From this weekend's Australian Grand Prix, one championship point will be awarded to the driver who sets the fastest lap of the race, provided that driver finishes among the top 10.
The FIA World Motor Sport Council approved the provisional new sporting rule at its meeting in Geneva last week.
The F1 Strategy Group and F1 Commission validated the rule which was subject to their successful e-vote on Monday.
"Together with the FIA we have been committed to evaluating ideas and solutions that can improve the show whilst maintaining the integrity of our sport," said Formula One's managing director of motorsport Ross Brawn.
"We felt that the reintroduction, after sixty years, of a point for the driver of the fastest lap in the race goes in this direction.
"We have been considering this solution - which represents a response to detailed research carried out with thousands of our fans around the world — for a number of months.
"How many times have we heard the drivers on the radio ask the team about who holds the fastest lap? Now it will no longer be only a matter of record and prestige, but there will be a concrete motivation that will make the final part of the race even more interesting.
"Sometimes it is useful to remind ourselves of the heritage of our sport to move forward."
The new rule isn't exactly a novel idea for Formula 1 as a single championship point was awarded for fastest lap during the sport's first decade, from 1950 to 1959.
But it still remains that the scheme puts another 21 points up for grabs his year.