The 50-year-old Oscar-winning actress will play the social and political activist during the creation of Ms magazine in 1971, reported The Wrap.
The series will chronicle the magazine's impact during the early days of the Women's Movement, which Steinem co-founded with Letty Cottin Pogrebin.
Kathy Najimy is due to co-star in the series as influential US Representative Bella Abzug, who helped lead the Women's Movement.
Tomei and Najimy will serve as executive producers on the project, alongside George Clooney, Bruce Cohen and Grant Heslov.
Steinem - who now spends much of her time giving lectures around the world about equality - is also on board as a consultant.
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