The proposed panel would be chaired by former police ombudsman Nuala O'Loan.
They want the panel to examine all documents and papers relating to the deaths.
Eleven people were killed during an Army operation in Ballymurphy in August 1971 to arrest people suspected of paramilitary activity.
The seven-strong panel would also include Prof Phil Scraton, author of the independent Hillsborough report into the deaths of 96 football fans in 1989, and civil rights lawyer Gareth Pierce.
The relatives said the panel should report within 12-18 months, and should be funded by the British and Irish governments.
Its work would reflect the terms of reference of the government-funded Hillsborough Independent Panel.
In a statement the families said "they have amassed strong evidence that all who died were killed unlawfully and in breach of Article 2 of the European Convention of Human Rights.
"The case raises serious questions regarding human rights abuses committed by the British Army and of a culture of impunity in the north of Ireland in which members of the security forces routinely were above the law."
The families have criticised the Royal Ulster Constabulary (RUC) investigation into the killings at the time.
They have also expressed no confidence into the review of the deaths currently being conducted by the Historical Enquires team (HET).
Members of the Parachute Regiment claimed they opened fire after being shot at by republicans during Operation Demetrius in 1971.
A Catholic priest and a mother-of-eight were among those killed.
After an application from the families the attorney general directed the coroner to re-open inquests into the deaths in November 2011.

As the 18-day festival of traditional and roots music came to a close in Glasgow, they said 176 out of 222 ticketed events were sold out.
More than 110,000 people attended festival events which saw 2,375 musicians from 50 countries perform.
Artistic director Donald Shaw said: "The past 18 days have been exhilarating and unforgettable."
He said: "From the intimate intensity of Laura Marling accompanied for the first time by a full orchestra, the BBC Scottish Symphony Orchestra, to a Ceilidh led by Aidan Moffat.
"From the stunning virtuosity of an evening of maestros of stringed instruments from Brazil, India and the US dazzling the audience with their skills, to Tryst which saw 10 specially-commissioned new pieces for pipes.
"One of the many true joys of Celtic Connections is that within our tradition of Celtic music and international collaborations, we do not think about creative boundaries.
"Instead, we present on our stages some of the most brilliant musicians working today and explore the richness and diversity of the music we are celebrating."
He added: "The journey we have been on through Celtic Connections 2017 has shown the power of live music to connect with individual lives and to resonate with the wider world in which we all live, and we are already looking forward to presenting Celtic Connections in 2018, in what is going to be a very special 25th anniversary year."

The archive is making available thousands of items too fragile to go on public display.
There will also be pages on the conservation work carried out by the Jersey Heritage Trust as it tries to preserve the past.
The trust looks after over 350,000 artefacts, works of art and information relating to the island's history.
The website also includes Occupation Archive material which was listed on the UNESCO UK memory of the world register in early 2011.
Linda Romeril, Head of Archives and Collections at Jersey Heritage, said the collections were "at the heart of what we do and it is our duty to protect and pass on these unique items to future generations".
"These collections define the Island; they hold the evidence for its historical development and act as the community's memory," she said.
The families of 11 people killed by the Army in west Belfast more than 40 years ago have called for an independent panel to investigate the deaths.
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More than three-quarters of shows at this year's Celtic Connections were sold out, according to organisers.
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Historical documents and works of art held by the Jersey Archive have been published online for the first time.