0730 GMT February 17, 2018
Under the new rules, passed by the governing body at its annual general meeting on Thursday, a panel will review footage each Monday looking for cases of simulation, BBC reported.
Any player unanimously found guilty of diving would be given a suspension.
The FA also announced it has passed reforms it proposed in March, following criticism over the way it is run.
The FA defines the new offence for which players will be punished as "successful deception of a match official".
Only incidents that result in a player winning a penalty or lead to an opponent being sent off - through either a direct red card or two yellow cards - will be punished.
The FA says it will act "where there is clear and overwhelming evidence to suggest a match official has been deceived by an act of simulation, and as a direct result, the offending player's team has been awarded a penalty and/or an opposing player has been dismissed".
Its panel will consist of one former match official, one ex-manager and one ex-player.
The announcement follows what the FA said was "a period of consultation with stakeholders over the past few months".
The rule change also required approval from the Premier League, the EFL and the Professional Footballers' Association.
Speaking in December, Burnley manager Sean Dyche said he thought diving would be eradicated from football "in six months" if retrospective bans were introduced.
Such bans have been utilized in Scottish football since 2011.