The Foreign Ministry said Wednesday the panel headed by the foreign and justice ministers will "assess the national and international dimensions" of the raid and prepare the ground for a possible international investigation.
It said the committee, which includes maritime officials, has met twice since it was formed Monday.
Eight Turks and one Turkish American were killed in the May 31 raid on the flotilla intending to break Israel's blockade on Gaza. Israel said its naval commandos were acting in self-defense after being attacked by pro-Palestinian activists.
Meanwhile, Israel's committee of inquiry into the deadly raid convened for the first time on Wednesday and said it hopes to finish its investigation as quickly as possible.
"I hope we can begin the committee's meetings as quickly as possible and also finish as soon as possible," the committee's chairman, retired Supreme Court justice Jacob Turkel, said in comments before a preliminary gathering.
Israel, under mounting international pressure, formed the five-person panel -- including two foreign observers -- to investigate events surrounding its May 31 interception of a six ship convoy heading to the Gaza Strip.
Reuters and AP contributed to the report