England, Ireland, Norway, and the United States have already reached similar agreements.
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Spain's football federation has announced that male and female players will receive equal pay for representing their country.
The agreement -- which covers the next five seasons -- will also bring equality to the travel, food and accommodation available to Spain's national teams.
"The bonuses received in percentages will be equalised," Royal Spanish Football Federation (RFEF) said in a statement on Tuesday.
"From now on, the women players in the national team will have an advance on bonuses, exactly the same as the men's team," added federation president Luis Rubiales.
"All players will also receive a percentage of the sponsorship contracts. I think it is difficult to find such a complete agreement elsewhere."
FUTPRO union president Amanda Gutierrez -- who represented the women players in the negotiations -- has described it as a "historic day".
England, Ireland, Norway and the United States are among other countries that have already reached equal pay agreements with men's and women's football teams.