But civil liberties groups have demanded a wider inquiry into the scale of Web surveillance.
Committee chairman Malcolm Rifkind acknowledged Thursday that there was a need for "an informed and responsible debate" about the balance between individual privacy and collective security.
He said in a statement that the committee would examine classified information, but also accept written submissions from the public, "to ensure that the committee can consider the full range of opinions expressed on these topics."
"Once it has considered those written submissions it will also hold oral evidence sessions, some of which it expects to hold in public," he said.
Shami Chakrabarti of the rights group Liberty said it was unclear whether the inquiry would seek the truth or be "a tactical whitewash to calm public concern."
"It's certainly significant that the committee feels compelled to dig a little deeper, but that's no substitute for much broader public and political debate," she said.