David Shoebridge and Steph Hodgins-May announced their joint ticket on Wednesday morning, a day after Senator Waters revealed she was stepping down due to deteriorating health issues.
"We are excited by what we can and must do as Greens," a statement from Senator Shoebridge and Senator Hodgins-May said.
"This is the time to build our movement as the home for every Australian who want action on the climate crisis, a fair return from our resources, a secure home and income, and to not sell out our independence to the US or the one per cent."
Senator Shoebridge, a former barrister, moved to federal politics from the NSW parliament in 2022.
He's known for his sharp wit in Senate estimates and currently leads the party on defence and AI matters.
Senator Hodgins-May has only been in parliament for two years, but she has made a name for herself in spearheading the party's gas tax campaign.
She has also appealed to young voters through sharp social media posts.
They will be running against veteran Green senator Mehreen Faruqi, the current deputy leader, and her possible second-in-command, Nick McKim.
Sarah Hanson-Young, the longest-serving federal Green, will likely run for leadership on her own.
Senator Shoebridge and Senator Hodgins-May also nodded to UK Greens leader Zack Polanski, who has repeatedly criticised conservative parties for wanting to protect elites, and centre-left organisations for pandering to them.
"We do not seek to reform Labor, but to replace them," their statement said.
"Labor has proven they can't stop One Nation because they made the conditions for them to thrive in. Only the Greens can."
The party is on a two-day retreat in Sydney and is expected to vote on new leadership as early as mid-morning Wednesday.
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