The new format, based on drivers being progressively eliminated during the sessions rather than at the end of them, was intended to add excitement but instead took away any suspense with no cars on track in the final minutes.
The teams principals made the decision, which will still have to be ratified by the Formula One Commission, at a meeting in Melbourne on Sunday.
"For once there was absolute unanimity in the room," Red Bull boss Christian Horner told Sky Sports.
"Everyone recognised what happened yesterday wasn't right ... so the unanimous decision was to go back to what we've had for the last few years from the next race."
Formula One commercial supremo Bernie Ecclestone had signalled the decision when he told Reuters on Saturday that changes should be made before the second round of the championship in Bahrain on April 3.
(Reporting by Nick Mulvenney, editing by Peter Rutherford)
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