The Chappell-Hadlee trophy, earlier awarded to the winner of bilateral ODI series between Australia and New Zealand, will now also be played for in T20I series between the trans-Tasman rivals, starting with the three-match contest beginning on Wednesday in Wellington.
The change will also mean that when the two teams face off in back-to-back ODI and T20I series, there will be a points structure including both formats so as to prevent the trophy from changing hands within days.
"It's great that the trophy will have more visibility and profile. I like the new conditions too - especially in the event of back-to-back 20-over and 50-over series," Sir Richard Hadlee was quoted as saying on behalf of his family in a release.
"It means all games will continue to be relevant, and that the trophy will remain on the line for a longer period - plenty to play for."
Greg Chappell said he was "pleased" with the decision to include bilateral T20I series under the Chappell-Hadlee trophy.
"I am a great believer in promoting young players through the pathways and national system and it will be particularly pleasing to see some young Australian players competing with their Kiwi counterparts for the trophy in years to come," he was quoted as saying.
Calling Australia's rivalry with New Zealand one of the best in world cricket, Cricket Australia chief Nick Hockley said the Chappell-Hadlee trophy will now have "even greater relevance in years to come".
New Zealand Cricket chief Scott Weenink said it's "important for the players, the fans and, in particular, the next generations coming through, to know where we came from and who we are."
"I'm delighted we're looking forward to the future but making a point of not forgetting the past."
The Chappell-Hadlee trophy was first contested for in December 2004. The current holders Australia have won it seven times, while New Zealand have come out on top four times. It was drawn on two occasions, including the first series in 2004.