"A highlight of the Great Walk will be crossing the top of the escarpment, with its expansive and dramatic views across the park."
The Government is aiming to have the track opened in late 2018, and intends to put the track and hut construction up for competitive tender.
"This $10 million project is a huge undertaking and will be the largest new investment in a track since the Department of Conservation was created in 1987," Dr Smith said.
The Pike River miners were killed by large methane explosions in the underground mine in November 2010, and their bodies have not been recovered.
Pike River Families Group Committee spokesman Bernie Monk has said victims' families were very supportive of the memorial, and worked closely with the Government on its development.
The Government will boost the Department of Conservation's budget by $10 million to cover the cost of constructing the walking and biking track.