Saudi King Salman bin Abdulaziz ordered a fundraising campaign to begin on Tuesday, adding that the kingdom has allocated 100 million riyals [$27 million] for the drive.
"The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz al-Saud, has ordered a popular campaign to be launched ... to provide relief for the brotherly Syrian people," state news agency SPA reported.
The funds will be used to build a camp for displaced Syrians and provide food and aid supplies. It did not specify where the camp will be set up.
The Saudi kingdom has been a key backer of Syrian rebels fighting against President Bashar al-Assad, who is backed by its regional arch-rival Iran. However, Riyadh has been criticised in the past for not admitting Syrian refugees displaced by the war, a claim Saudi Arabia denies.
Last week, around 30,000 people were evacuated from the one-time opposition stronghold of east Aleppo in a nearly week-long operation.
The five-year conflict in Syria has forced over 11 million people to flee the country.
At least 300,000 people have been killed by the fighting which began in 2011.