Talks had been continuing to try to resolve the long-running dispute between the budget airline and Forsa.
The proposed agreement will now be put to a ballot of members.
In a statement Forsa said: “Following a 22-hour negotiating session, which began on Wednesday morning and concluded Thursday morning, agreement has been reached between Forsa and Ryanair in the pilots’ dispute.
“The proposed agreement will now go to ballot, with a recommendation for acceptance from Forsa and its Ryanair pilot representatives.
“The union has been asked by facilitator Kieran Mulvey to make no public comment while the ballot is conducted.”
The dispute over conditions, base transfers and annual leave, resulted in five days of strike action by its Ireland-based pilots.