The actress-comedian said in a statement that she's a longtime supporter of the party and looks forward to working with people who share her values. She said the two major parties are not serving the American people.
"The Democrats and Republicans have proven that they are servants – bought and paid for by the 1% – who are not doing what's in the best interest of the American people," Barr said.
Occupy Wall Street protesters
popularized the "We are the 99%" slogan in their fight against economic disparity and perceived corporate greed.
Barr has submitted paperwork to the Green Party for her candidacy. The party's presidential nominee will be selected at a convention in Baltimore in July.
Barr said she has been fighting for working-class families and women for decades.
"I will barnstorm American living rooms," she said in a candidate questionnaire submitted to the Green Party. "Mainstream media will be unable to ignore me, but more importantly they will be unable to overlook the needs of average Americans in the run-up to the 2012 election."
Still, and in a move described as a "political smoke screen," Barr told the Jewish Daily Forward that she may also run for the position of prime minister of Israel.
In the interview, she sang Hatikvah – Israel's national anthem – and reminded the host that as a Jew, she has the right to be the prime minister of Israel.
Barr's hit TV sitcom "Roseanne" aired from 1988 to 1997 and earned her an Emmy and a Golden Globe. She played a wise-cracking mom in the comedy about a blue-collar family. Barr has a 46-acre macadamia nut farm in Hawaii.
Yitzhak Benhorin, in Washington contributed to this report