The roundabout at the bottom of Anderson Drive is a bottleneck.
Transport Minister Keith Brown urged local residents and road users to have their say on the proposals.
Any work on the Haudagain roundabout would not get under way until 2018 when construction of the Aberdeen bypass is complete.
Mr Brown said: "The bottleneck at Haudagain has caused congestion for motorists using the A90 for many years.
"This option, which is the original preferred option, will provide the best journey time savings, reducing congestion and the risk of accidents.
"It will also provide safe crossing points for pedestrians and cyclists.
"We will consider all comments made as we further develop our proposals for Haudagain with a view to publishing draft orders in summer 2015 so that we are ready to start work in spring 2018."
The exhibition opened at the Lord Provost Henry E Rae Community Centre at noon, and continues on Friday.
Meanwhile, Transport Scotland said three tenders had now been received for the contract to build the Aberdeen bypass.

"I have the all clear as regards my prostate cancer," he said "That has been the case for quite a time now."
The 80-year-old former chat show host revealed he was receiving radiotherapy for the condition in 2013.
Two years on, he said he still needed to have regular tests and have the "occasional" blood transfusion.
The transfusions, he told the BBC, are "to deal with a problem with anaemia which I have always had and which was exacerbated by the radiotherapy.
"Hopefully the gap between transfusions will get longer and maybe finally disappear altogether," he went on.
"Otherwise I am feeling well and still have the odd gentle workout."
BBC News asked Sir Michael for an update on his condition after he was quoted in the Daily Mail as saying his doctors had "got rid of the cancer".
The broadcaster, known to many as Parky, was diagnosed after a routine health check in May 2013 but said at the time he would be "around for a while yet".
Sir Michael's television career spanned 50 years and saw him interview high-profile guests such as Muhammad Ali and Sir Elton John. He announced his retirement in 2007.

The victim was found with gunshot injuries in Markham Avenue at around 21:00 GMT on Monday and died later at Leeds General Infirmary.
West Yorkshire Police said three men aged 17, 19 and 20 had been arrested on suspicion of murder.
Two boys aged 15 and 16 were detained on suspicion of perverting the course of justice.
Detectives found the victim's Vauxhall Astra abandoned in Pasture Road, near to Back Airlie Avenue.
Det Ch Insp Steve Snow said the force believed the man was deliberately targeted and the shooting took place near to where the car was found.
Plans to improve the notorious Haudagain roundabout in Aberdeen with a new dual carriageway link have gone on show.
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Broadcaster Sir Michael Parkinson has confirmed he has been given an all-clear by doctors after two years of treatment for prostate cancer.
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Five people have been arrested after a 33-year-old man was shot in the Harehills area of Leeds.