The second row joined the French club in the summer, and with Wales' meeting with the Wallabies falling outside the International Rugby Board's designated Test window, he looked set to miss the Millennium Stadium encounter on December 1 as Perpignan were not obliged to release him.
But Charteris will instead miss Wales' Test with Argentina on November 10 to feature for Perpignan in their Top 14 fixture against Biarritz, freeing him up to face Australia.
"We are delighted to have come to an agreement with Perpignan which will allow Luke to be available to be considered for selection for the Wallabies game," said interim head coach Rob Howley, who travelled to France alongside head coach Warren Gatland last month to begin discussions about the release of Wales' overseas contingent.
"This is a major step forward for us and shows that our trip out to France to talk face to face with the clubs has paid dividends.
"We have reached a compromise which allows Perpignan to have Luke available to them when they need him most, and see no reason why we can't build on this relationship in the future."
There are three other French-based players in Howley's squad for the four Tests, where they will also face New Zealand and Samoa.
Charteris' Perpignan team-mate James Hook, Bayonne's Mike Phillips and Toulon prop Gethin Jenkins are currently not available to face the Wallabies, and the same applies to Bath loosehead Paul James.
Should Jenkins and James miss out it would leave Wales shorn of their three best props against Australia, with Adam Jones having already been ruled out of all four matches due to a knee injury.
Wales are also without Six Nations player of the tournament Dan Lydiate, who suffered a broken ankle playing for the Newport Gwent Dragons last month.
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