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The GMB union says its members have been offered a 1.5% non-consolidated rise and a 1.5% consolidated one-off payment for 2022 to 2023 - on top of the already imposed 4.5%.
Almost 1,500 workers across the country had been due to strike on Monday, 6 February.
However, the union says the walkout has now been suspended to allow further negotiations with the Welsh Government.
Nathan Holman, GMB Welsh NHS lead, said: "After intense negotiations, GMB has agreed to suspend strike action while further talks take place.
"We recognise that the Welsh Government and Welsh Ambulance have made concessions and, through social partnership, we appreciate the frank and open dialogue with them over the last few months.
"This has only been made possible because the Welsh Government has been prepared to talk about pay - a lesson for those in charge on the other side of the Severn Bridge.
"We are a member-led union, ultimately they will decide."
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Back in January, the union announced that thousands of its members - who are paramedics, emergency care assistants, call handlers and other ambulance staff at eight NHS trusts - would walk out on 6 and 20 February, and 6 and 20 March.
There are also 10 regional strike dates, announced by Unite, which will see members walk out in areas including the West Midlands, the North East, East Midlands, the North West and Northern Ireland later this month and in March.
About 25,000 paramedics, emergency care assistants, ambulance technicians, call handlers and other 999 crew members from the Unison, GMB and Unite unions walked out across England and Wales in December.
Members are striking over pay, patient safety and staffing levels, with unions saying staff shortages are crippling services every day, and putting patients at risk due to the government's failure to invest to cope with growing demand.
Unions were unable to reach a pay deal with the government after the strikes in December and January, leading to the decision to announce the extra February and March dates.