The Scot, who retired from racing last year, is joining forces with UK motorsport authority the MSA for the scheme.
The former Williams test driver said: "I knew I wanted to give something back when I stopped racing."
The scheme will start with motorsport, but there are plans to expand it into other male-dominated environments.
Wolf said: "I never set out to become a role model but somehow I did.
"The opportunities are out there. We aim to inspire female talent to ensure in the long term our sport is diverse."
It will be officially launched at the Autosport International Show at Birmingham's NEC on Thursday 14 January.
Wolff spent three years involved in test and development work at Williams, and took part in four practice sessions at grands prix over the 2014 and 2015 seasons.
Before that, she spent seven years driving for Mercedes in the German touring car championship (DTM).

The woman, who has not been identified, was working in the city with a non-governmental organisation.
Police said she was asleep when a security guard at the hotel where she was staying entered her room and attacked her.
The woman is receiving treatment for cuts and bruises, and legal assistance.
Doctors told reporters that the woman was in stable condition and had been visited in hospital by the district magistrate.
According to police, she had been visiting Varanasi for more than 40 years and would stay there for long periods of time.
Scrutiny of sexual violence in India has grown since the 2012 gang rape and murder of a student on a Delhi bus.
However, brutal sexual attacks against women and children continue to be reported across the country.
Susie Wolff is launching an initiative aimed at increasing the number of women involved in motorsport.
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Indian police have arrested a man in connection with the rape of a 70-year-old French woman in the northern city of Varanasi.