The proposed deal would see the restoration of pay parity with England, and includes an uplift of 5 per cent back-dated to April 2023 and a one-off payment of £1,505.
Unison said months of industrial action had “finally yielded a result”.
Health Minister Robin Swann welcomed the news as “a positive step” towards reaching a pay settlement.
“I commend the constructive negotiations that have taken place with trade unions,” he said.
“Staff are the backbone of health and social care services and deserve to be properly rewarded for their work.”
He said pay settlements for 2023/24 were “long overdue, having been delayed by political and budgetary instability”, adding pay would be backdated to April 2023.
Speaking to BBC News NI’s Good Morning Ulster radio programme, Patrick Mulholland from NIPSA said that the move was a “considerable step forward”.
“There are still loose ends that are not tied up; one around the issue of mileage and one around safe staffing.
“We want to see strike action come to an end, but we are preparing for further strike action if it is necessary,” he added.
Mr Mulholland said the pay deal is significant in itself, but in the wider context of public sector pay “it is the first rung in the ladder”.
The Royal College of Nursing (RCN) said it recognised progress had been made but was “extremely disappointed” the one-off payment fell short of what nurses in England received.
A Unison spokesperson said: “Six days of strike action and 15 months of working to rule by health workers have finally yielded a result.
“Health workers have had to contend with rising prices and the emergence of a cost-of-living crisis.
“The absence of devolved government and the decision of the secretary of state to withhold funding deeply frustrated workers.”
The union said it wished to recognise “the action of Minister Swann to react swiftly to the crisis”.
However, it said that “pay parity with England on pay bands… still leaves Northern Ireland health workers in third place behind Scotland and Wales”.
RCN director Rita Devlin said: “Hard-working nursing staff have been waiting a very long time for the pay situation to be resolved here, showing patience and resilience despite worsening conditions in the health service.
“While we recognise that there has been progress on this issue, many will be disheartened at not receiving the same amount as nursing staff across England. For some, this will leave them hundreds of pounds out of pocket.”
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