The scheme, launched in conjunction with team partners Randstad and F1 in Schools™, will see Williams mentor up to 10 students each year in a long-term extra-curricular programme.
The Randstad Williams Engineering Academy, which will formally commence in November 2015, will be open to students aged between 16 and 18 and who have successfully progressed to that year's F1 in Schools™ World Finals.
A variety of assessments will determine a maximum of 10 successful applicants each year, with that number then gradually whittled down over the following seven years via a series of vocational experiences and mentoring experiences at Williams, and via remote e-learning projects.
"Formula One is a human capital business and companies like Williams rely on attracting the very best talent to stay ahead of the game. Too often young engineering students lack information and guidance on how to secure a job in the sport and this new Academy will help break down these barriers," said Pat Symonds, chief technical officer at Williams.
"We will be giving talented students with a passion for STEM subjects the chance to get up close and personal with the team and be mentored by senior Formula One engineers. Young Driver Academies have existed in Formula One for a while, but this is the first time an engineering alternative on this scale has been established. We look forward to welcoming our first Academy entrants next year."
Williams deputy team principal Claire Williams added: "Williams has been passionate about promoting the study of STEM subjects for many years and we have been looking for a new programme that would encourage a new pipeline of talented students from across the world to join our organisation.
"Formula One is fiercely competitive and therefore our students will be competing with each other to remain in the Academy until the very end. We are breaking new ground with this initiative and we are confident that we can give our students important vocational skills that will perfectly complement their traditional education."