The European initiative came as fighting flared in the six-week war, with Israeli airstrikes killing three top Hamas commanders and an Egyptian-led effort to broker peace talks teetering on the verge of collapse.
The two-page document obtained by AFP calls for an immediate and sustainable ceasefire that would put an end to the firing of rockets and military operations in the Gaza Strip.
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Diplomats said the measure was aimed at advancing efforts to reach agreement within the 15-member Security Council on a resolution after Jordan's draft met with resistance, notably from the United States.
The points described in the "elements" document lay out the parameters for a ceasefire deal that would address Israel's security concerns and Palestinian demands.
It instructs UN Secretary-General Ban Ki-moon to immediately come up with proposals to "implement the relevant provisions of this resolution" in a move that could jump start the peace negotiations.
UN diplomats said they hoped the initiative would shore up the Egyptian-led peace track and lead to a sustainable ceasefire to avoid a relapse into war in a few years.
"We are getting positive messages from the region that this could be helpful," a diplomatic source told AFP.
More than 2,083 Palestinians have been killed in the conflict that began on July 8, most of them civilians, according to UN officials.
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