The House approved a resolution creating the panel by a 152-2 vote on Friday.
Five members will be appointed by the speaker of the House and five by the president pro tempore of the Senate. They must include the chairs of the environment and natural resources committees.
The committee will study and analyze the status of the state's reservoir system as well as the state's needs for additional water supply.
It must issue recommendations by the end of the year, when the panel will be abolished.
The state Senate has already approved the measure. It is a resolution and does not need the governor's signature to take effect.