Union leaders will meet with Network Rail bosses at the conciliation body Acas in a bid to avert a second 24-hour walkout by signal workers on Thursday.
A second 24-hour Scottish rail strike due to start at midday on Thursday has been suspended.
It comes as commuters continued to face disruption due to the first strike by Rail Maritime and Transport (RMT) union members which will end at lunchtime.
Following a nine-hour meeting with Network Rail and the conciliation body Acas, the Rail Maritime and Transport (RMT) union suspended the walkout.
First ScotRail said it would try to run as many trains as possible but services would be severely disrupted.
An RMT spokesman said progress had been made and the union's executive would consider a full report before making a statement later in the week.
The row centres on rosters changes and compulsory safety assessments.
A total of 450 signal workers were due to take part in the strike action.
The RMT insists employers have failed to move on its demand to stop last minute changes to rotas. Network Rail said it had made concessions on that issue but safety assessments remained the sticking point.
A 24-hour walkout on Tuesday severely disrupted rail services and caused traffic chaos throughout Scotland.
The talks are expected to take place at the Acas offices in Glasgow at 1400 BST.
The row centres on rota changes and compulsory safety assessments.
'Good sign'
We are pleased that strike action has been suspended and will continue to seek a negotiated resolution to this dispute Network Rail
Last minute negotiations broke down on Monday after no agreement was reached.
The RMT insists employers have failed to move on its demand to stop last-minute changes to rotas. Network Rail said it had made concessions on that issue but safety assessments remained the sticking point.
First Minister Alex Salmond welcomed the meeting between the two sides.
Both sides met at the Acas offices in Glasgow at 1400 BST and ended the meeting just before 2300 BST.
A spokesman for Network Rail said: "This dispute is all about our ability to continue to provide a safe railway.
"We are pleased that strike action has been suspended and will continue to seek a negotiated resolution to this dispute.
"We will now work to restore train services to the travelling public as quickly as we can for tomorrow."
Mary Grant, managing director of train operator First ScotRail, welcomed the suspension.
She said: "I thank our customers for their patience and understanding over a dispute which was outwith our control.
"It is hoped issues have been resolved so that they are not let down in this way again."
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Talks begin between Network Rail and the RMT union about an on-going dispute.
The company said it would try to run as normal a service as possible on Thursday, but that there could still be minor disruption.
Last-minute negotiations had broken down on Monday after no agreement was reached.
First Minister Alex Salmond earlier welcomed the meeting between the two sides.
He said: "It must be a good sign that both sides are willing to resume talks and I welcome this development."
He said: "It must be a good sign that both sides are willing to resume talks and I welcome this development."
Meanwhile a limited timetable between Glasgow and Edinburgh is likely in and around the central belt, but it is expected that no trains will run north of Stirling during the stoppages, because the larger number of smaller signal boxes makes the area harder to cover using contingency staff.
The first strike began on Tuesday at noon and affected rail journeys across the country.
Replacement bus services will run between Aberdeen and Inverness.
First ScotRail said it tried to run as many services as possible during the walkout.
First ScotRail said customers should check its website for revised timetables.
A limited timetable operated between Glasgow and Edinburgh and in the central belt on Wednesday morning.
Virgin Trains have cancelled two cross-border early morning trains. Some services from England to Scotland will also be cancelled or diverted.
However, no trains ran north of Perth during the stoppages because the larger number of smaller signal boxes makes the area harder to cover using contingency staff.
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Replacement bus services were running between Aberdeen and Inverness.
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Virgin Trains cancelled two cross-border early morning trains. Some services from England to Scotland were also cancelled or diverted.
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