The governing International Automobile Federation (FIA) said the 10 teams had unanimously agreed to the extension.
The meeting was attended by all team principals and technical directors, the governing body, Formula One management, tyre supplier Pirelli and drivers Hamilton, Nico Hulkenberg and ex-racer Alexander Wurz.
Wurz is the chairman of the Grand Prix Drivers' Association.
"While the FIA Formula One World Championship’s key stakeholders feel the core objectives outlined for the future set of regulations have been defined, in the interests of the sport it was agreed that the best outcome will be achieved by using the extra time for further refinement and additional consultation," the FIA said.
More meetings will be held over the coming months.