The World Evangelical Alliance, which works in 129 countries, was asked to establish the panel in the light of the controversy surrounding the translation of "Father" and "Son" for Muslim contexts.
In Arabic and Turkish translations of the Bible, "Father" is replaced with "Allah", while "Messiah" is used where "Son" would appear in standard translations.
It has been suggested that direct translations of the term could be understood by some Muslims to mean that Jesus was the result of God's procreation with Mary.
Critics of the changes, including John Piper and Vern Poythress, argue that the translations blur the Trinity.
In a statement posted to his website this month, Poythress wrote: "How we may best preserve both accuracy and understandability in translation has to be determined by those with more knowledge than I concerning the languages in question.
"But it is worth emphasising that, in all these endeavours, translators need to submit completely to Scripture, which is the word of God and therefore carries divine authority."
Dr Geoff Tunnicliffe, Secretary General of the WEA, said: "Rejoicing that many Christians globally do not have to learn Hebrew or Greek to read God's Word and wishing to strengthen Evangelical unity on the basis of God's Word, the WEA has agreed to facilitate an independent external audit of Wycliffe and SIL International's practice of the translation of 'God the Father' and the 'Son of God'."
The panel will review SIL's translation practices, set boundaries for theologically acceptable translation methodology particularly in Muslim contexts, and suggest how to practically implement these recommendations.
The review will be facilitated by the WEA and conducted by a global panel of respected evangelical theologians, biblical scholars, translators, linguists and missiologists.
National believers from countries with majority Muslim populations will be represented, as well as mature followers of Christ from Muslim backgrounds.
A final report is expected to be delivered to Wycliffe and SIL by the end of the year.
The WEA said that Wycliffe and SIL were committed to applying the review's recommendations.