The last two races of the electric car racing championship will take place in the park on June 27 and 28.
Under the approved plans a temporary circuit will be created largely following the path of the park’s existing internal roads. A temporary pits area would be located on an existing tarmacked events site space.
The event will generate a major financial windfall for the park, estimated to be worth up to £1 million over a five-year programme, which will be invested in maintaining and improving the park.
The two day event would be ticketed with an estimated 30,000 people attending each day.
Planning chairman Cllr Sarah McDermott said: “We can now look forward to a spectacular racing spectacle set within the grounds of one of London’s most beautiful and historic parks. The significant funding this event generates for the park will be spent on maintaining and upgrading its facilities and features.
“The ePrix will come as a huge boost to our local economy and will focus the world’s attention on this fantastic part of London. Battersea is already being regenerated on an exceptional scale and can now add a global sporting event to its growing list of attractions. This can only help us deliver the thousands of new homes and jobs our residents need.”