Padukone, who grabbed eyeballs with her performance in the Bollywood hit, will vie with Joan Chen of China (The Home Song Stories), Jeon Do-yeon of South Korea (Secret Sunshine), Kirin Kiki (Tokyo Tower: Mom and Me, and Sometimes Dad), Kim Yun-jin of Korea (Seven Days) and Tang Wei of Hong Kong (Lust, Caution) for the top award.
The winners will be announced at an awards ceremony here on March 17.
The model-turned actress made her debut in "Om Shanti Om" which also stars Shahrukh Khan. The film is based on the theme of reincarnation in which the protagonist attempts to rediscover the mystery of his demise and 'finds' Shanti, the love of his previous life.
Prior to entering Bollywood, Padukone, daughter of Badminton legend Prakash Padukone, was into modeling.