69-year-old Musharraf, who faces high treason charges for abrogating the constitution during his 1999-2008 rule, had imposed emergency rule in November 2007, and suspended the constitution.
The offence carries the death penalty or life imprisonment.
He had also placed dozens of top judges under house arrest who had refused to take oath under his Provisional Constitutional Order.
Interior Minister Chaudhary Nisar Ali Khan told the National Assembly that a four-member committee comprising senior officials of the Federal Investigation Agency will probe the case.
Earlier, the Supreme Court today reserved its verdict on petitions, seeking high treason proceedings against Musharraf.
The verdict will be announced on an appropriate time.
Attorney General Munir Malik informed the Supreme Court that an investigation team will probe the emergency promulgated by Musharraf and the Prime Minister has issued necessary directives to the interior secretary about the case proceedings.
The Attorney General said that a commission will also be constituted to oversee the entire investigation process.
He said, a timeframe will also be set to complete the hearing of the case.
Musharraf, currently under house arrest, has been facing a slew of charges, apart from the proclamation of emergency in 2007.
He also faces charges in several high-profile cases, including the 2007 assassination of former premier Benazir Bhutto and the killing of Baloch nationalist leader Akbar Bugti in 2006.
Compounding his legal woes, Pakistani investigators on Tuesday included Musharraf in the list of main accused who conspired to assassinate Bhutto.
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