Priyanka's as-yet un-named character would be an adopted girl who discovers she is of royal lineage and blessed with great mystical powers and has a duty to destroy evil.
For the comic book series, to be launched in 2008, Priyanka will team up with well-known author Deepak Chopra and filmmaker Shekhar Kapur.
The new role will make Priyanka the first winner of a Miss World crown to feature as a super heroine character in comic books.
"I love cartoons and animation, so being able to create my own original super heroine with Virgin Comics is a dream come true. I hope it will capture the imagination of the Indian youth," Priyanka said about the venture.
Announcing the launch before a select gathering in Mumbai Wednesday night, Sharad Devarajan, CEO, Virgin Comics said: "Priyanka is a real-life heroine who embodies both sophistication and beauty.
Together, we plan to create a new super heroine character that will capture her spirit and carry forward Virgin Comics' mission of redefining the Indian character entertainment industry."
Virgin Comics president Suresh Seetharaman said it would be developed across other platforms, including animation games and theatrical live-action films. "It promises to be an exciting and fun entertainment character cutting across age barriers," he said.
Virgin Comics was founded by Sir Richard Branson in 2005. Apart from Priyanka, it is developing new stories with acclaimed filmmakers, actors and musicians like John Woo, Guy Ritchie, Terry Gilliam, Dave Steward, Ed Burns, Nicholas Cage, Duran Duran and Sachin Tendulkar.