The white paper, which is being developed as Australia looks to reset how it navigates its foreign, trade and development policies on the global stage, will be delivered later this year.
The last such paper was published in 2003 under the Government of John Howard.
"What we're looking for is a comprehensive strategic framework so that we are able to positively shape and have some influence over our national interests and shape things for the better, rather than reacting to events once they have occurred," Bishop was quoted by the paper as saying.
Australia is walking a tightrope trying to balance its relationship with No1 trading partner China which is expanding its maritime claims in the South China Sea and other southeast Asian countries which have opposed the move.
Australia also recently hit a low-point in its relationship with the United States when President Donald Trump said on Twitter a planned refugee swap between the two nations was a "dumb deal".
Australia is a staunch US ally and is currently flying combat missions in Syria. It has also said it was open to stepping up its military commitment against the militant Isis (Islamic State) group.