The Ladies European Tour Order of Merit will be renamed the Race to Costa del Sol and offer a bonus pool of €250,000 from 2020.
The top player on the money list at the end of the season will receive an additional €125,000, with the runner-up collecting €75,000 and €50,000 going to the player who finishes third.
On Sunday, Jon Rahm secured a bonus of €1,8m for winning the European Tour's Race to Dubai.
As part of the deal, the Andalucia Costa del Sol Open de Espana Femenino, which gets under way on Thursday, will see its prize fund double to €600,000 from 2020.
On Sunday, Sei Young Kim secured the biggest ever prize in women's golf, taking home $1.5 million after winning the CME Group Tour Championship in Florida.