Ferrari team boss Domenicali and McLaren counterpart Dennis agreed to form a new team body
Formula One team bosses will form a new body to work with the sport's governing body, the FIA, and supremo Bernie Ecclestone to take the sport forward.
The 10 team principals agreed to establish the Formula One Teams Association at a meeting at Ferrari headquarters in Maranello on Tuesday.
F1 is running without a Concorde Agreement, which agrees the terms by which the teams race and share revenue.
It is hoped the new body will pave the way for a new agreement being reached.
The last Concorde Agreement was agreed in 1981 but expired at the end of 2007 as the teams and FIA president Max Mosley failed to thrash out a deal.
The old Concorde Agreement gave the teams a central role in the rule-making process but now the FIA has absolute power over the rules.
The new body should ease the way for teams to safeguard their interests as the sport moves forward.
Team chiefs met with Ecclestone and Donald McKenzie, who was representing financial backers CVC Capital Partners.
Ferrari said in a statement that the meeting was "extremely constructive" but did not provide any further details.
The statement added: "The teams have subsequently agreed unanimously that they will establish the new Formula 1 Teams' Association to work with the FIA and FOM to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport."
The formation of the new body comes as the FIA prepare to implement changes to F1 in 2009.
Part of those changes will see a reduction in aerodynamic development and the phased introduction of the Kinetic Energy Recovery System (KERS).
This technology will channel energy generated under braking into batteries that can then be used to power the cars.
Mosley is also keen to press on with his plan to decrease team budgets by 50% and to make the sport greener.
The FIA chief hopes to implement these measures in three years' time with a further aim of cutting fuel consumption in half by 2015.
Mosley is also hopeful that a new Concorde Agreed will be agreed this autumn.