First Minister Nicola Sturgeon said a consultation on the move would take place in "coming months".
She pledged if evidence supported further regulations on the sale of such products her Government would "not hesitate" to act.
Three confirmed cases and two probable Massachusetts cases of vaping-associated pulmonary disease have already been reported to the US Centres for Disease Control and Prevention.
While an estimated 3.6 million people in the UK use e-cigarettes and vaping devices - up from 3.2 million last year - Ms Sturgeon said their popularity in Scotland was still "relatively low".
Speaking at First Minister's Questions today, she said: "The approach we have taken has been very cautious.
"That is perhaps one reason why e-cigarette use remains relatively low in Scotland."
She explained: "Our approach has been a precautionary one, which is why in Scotland we have already taken the strictest regulatory approach in Europe to vaping products, the European Tobacco Products Directive restricts the advertising of e-cigarettes and ensures e-liquids can't contain ingredients which are known to be harmful.
"The directive also limits the concentration of nicotine in e-liquids.
"In Scotland we've also introduced a retail register, a mandatory age verification scheme and we have funded traded standards departments in all council areas to ensure that retailers comply with the regulations.
"And in the coming months we will consult on introducing a complete ban on the advertising and promotion of vapour products."