The super-sub rule for one-day games is to be scrapped, the International Cricket Council confirmed at a chief executive's meeting in Dubai.
Ponting and Smith didn't use super subs in their recent one-day series
The 10-month trial began last summer but the rule has not been universally popular, with Australia captain Ricky Ponting among the vocal critics.
However, the ICC referred the matter of power plays to its Cricket Committee for "further consideration".
The two-day meeting is being held to debate a number of issues in the game.
The decision on super-subs follows last month's recommendation by ICC executives, who felt the rule placed too much importance on winning the toss in one-dayers.
The original intention of the substitution rule was to encourage teams to make greater use of all-rounders but in practice specialists have been used to fill a void.
Last month ICC president Malcolm Speed admitted: "From the feedback we have received from captains and former players it was apparent we should not continue with it."
The ICC's executive board also announced a formal pitch-monitoring process for international cricket.
"This process, which has been adopted with immediate effect, includes potential sanctions ranging from a formal warning to a member board fine or even suspension of international status for venues that produce sub-standard pitches," said a statement.
The meeting also heard from Peter Chingoka, the chairman of the Interim Committee of Zimbabwe Cricket, who delivered a progress report on the game in the country.
Chingoka confirmed independent auditors have been appointed to conduct a forensic audit of Zimbabwe Cricket's finances and said negotiations regarding a number of player issues were continuing.
On Tuesday the summit is expected to discuss the format and hosting of all ICC events from 2007 to 2015, including World Cups and Twenty20 world championships.
The meeting is also expected to confirm a new six-year cycle for the futures tour schedule, whereby each Test nation will face each other home and away.
Australia and New Zealand have submitted a bid to host the 2011 World Cup, with a joint Asian bid from India, Pakistan, Sri Lanka and Bangladesh also expected, while England are among the potential hosts for the 2015 event.
The meeting will also look at the inaugural Twenty20 competition, which could take place as early as September 2007, and the Champions Trophy plans in India later this year.