Motorsport bosses want to increase unpredictability amid criticism that race weekends can become too formulaic.
The plan was approved in principle, but teams have gone away to analyse the potential impact.
The rule-making F1 commission has also approved plans to introduce improved cockpit head protection in 2017.
The move is designed to help protect drivers from being hit by debris.
All the changes still need to be rubber-stamped by the FIA World Council.
Plans to make cars wider and faster with bigger tyres have also been confirmed.
Fans will also be able to vote for a driver of the day after each race.
The idea to change the format of qualifying came from the FIA and is an attempt to increase unpredictability.
A decision on whether to adopt it this year could be made in the next week or so after the idea has been fully analysed.
It was approved in principle, with the intention of introducing it this year, but the teams have gone away to analyse the potential impact.
There will still be a three-part qualifying session but the plan is to adapt it as follows:
It is worth noting that the final elimination in each session occurs when the relevant drivers pass the chequered flag, not when time is up.
The FIA told teams earlier this month that it wanted to introduce head protection in 2017.
A device called a 'halo' has been deemed the best compromise, given it has the fewest side-effects, such as compromised vision or extrication in the event of an accident.
The Grand Prix Drivers' Association made it clear it felt it was time for the device to be introduced after years of research into the project.
The halo features two arms protruding from behind the cockpit, forming an elliptical shape above the driver's head, and is supported by a narrow forward strut.
It will be a standard part, with all teams using the same design.
The FIA said it would continue to evaluate other options, such as a jet-fighter style canopy.
It is thought unlikely the halo would have prevented the injuries suffered by Frenchman Jules Bianchi, who died last July, nine months after his Marussia collided with a recovery vehicle during the 2014 Japanese Grand Prix.
But it might stop incidents such as the one that killed English IndyCar driver Justin Wilson, who was struck by debris from an earlier crash last year.
F1 bosses have been working for a year on making cars faster and more dramatic-looking for 2017.
It is all in response to a perceived waning interest in the sport, although agreeing the detail has proved problematic.
Nevertheless, bodywork dimensions have been defined after months of discussions:
Some details still need to be resolved and the deadline for doing so by a majority has been extended by two months to the end of April.
There was also "significant further progress" on plans to make engines cheaper, louder and closer in performance, with all teams supplied.
Drivers could battle it out in a new elimination-style qualifying format when the Formula 1 season gets under way in Australia next month.