Starting next year, the new tournament will mirror the women's Big Bash League, which begins in Australia later this year, and will initially employ the Twenty20 game but from 2017 onwards will develop to both T20 and 50-over formats.
The three million pound ($4.78 million) funding will pay for coaching and facilities as well as providing prize money over four years.
It will be the first time there has ever been prize money for women's domestic cricket in England and the ECB hopes to attract the world's best players to compete alongside England's leading female cricketers.
"We are already very proud of the achievements of the England women's team and the growth of the game for women and girls over the past decade," ECB chief executive Tom Harrison said in a statement.
"We now have the opportunity to build on this, inspiring more women and girls to take part and offering players a domestic structure that gives the best cricketers the chance to play against each other in the most competitive environment.
"The new women's Cricket Super League will take standards to a new level and show more women and girls the opportunities that cricket can give."
Potential teams will be invited to make expressions of interest.
"Any cricket-minded organisations will be able to submit a proposal to become a host for a women's Cricket Super League team with the successful candidates confirmed by the end of the year," the ECB said.
(Reporting By Michael Hann; editing by Sudipto Ganguly)
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