The agreement came at a four-day meeting held last week in China, in which the sides also agreed to freeze their fishing quota in each other's exclusive waters at 60,000 tons, according to the Ministry of Oceans and Fisheries, reports YonhapNewsAgency.
Under the latest agreement, the number of boats allowed to enter and operate in each other's areas will also be frozen at 1,600 over the next year.
Seoul and Beijing annually renew their fishery agreement, but South Korea continues to struggle with Chinese boats entering its exclusive waters without a permit or catching more fish than their permit allows.
To this end, Seoul and Beijing agreed to introduce what is called the automatic identification system, which will allow South Korean authorities to identify and locate Chinese fishing boats operating in its waters from a distance.
Such a system will be put to use in 2015, according to the ministry.
In addition, the two countries will begin joint inspection on fishing in their joint fishing area in the Yellow Sea from next year.
They will also set up what they called "check points" for fish carriers in 2014 that will check the amount of catch by each ship entering their joint or exclusive waters.