The state government says overseas students are to be selected by their universities based on "a range of criteria" and individual circumstances, with priority given to higher degree research students.
The plan is to be paid for by the education industry while the state government is to provide governance and operational support.
Convener of the state's Vice-Chancellors’ Committee, Professor Barney Glover, has welcomed the plan.
"This is a great partnership between industry, government and the community to bring those students here to contribute to Australia and we're looking forward to it. It's going to make a great deal of difference for those students but what's more important about today is the message that it sends to our students offshore is that Australian universities are looking forward to welcoming those students back to Australia in the very near future."
State Treasurer Dominic Perrottet says on arrival, the students will be required to quarantine in purpose-built student accommodation under the same rules as for all international arrivals.
He says the plan is safe, secure and nation-leading.
The Chief Executive of the Business Council of Australia, Jennifer Westacott, says for those whose businesses rely on international students, this proposal signals hope.
"Oh this is definitely the light at the end of the tunnel for all those people for who international students create jobs whether it's a cafe in Newtown, where there's a visitor economy that comes over time with international students and, of course, the universities themselves employ thousands of people across New South Wales."
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