The deal comes after a three-day strike that halted service for some 100,000 daily riders, including routes in the Hudson Valley such as the Pascack Valley & Port Jervis lines.
Wages were the major sticking point in the contract negotiations.
During the strike, Metro-North has honored NJ Transit rail tickets on the Hudson and Harlem lines, and the Hudson Link buses to the Tarrytown and White Plains stations plus the Haverstraw Ossining ferry. Parking is also honored at the North White Plains station.
Metro-North officials say all that will stay in effect through Tuesday when NJ Transit trains will be back in service.
NJ Transit officials say while employees will be back to work today, it will take a day for safety inspections and checks of trains and tracks before service can resume.
The union members must still vote to ratify the contract, but union officials say they expect members to vote in favor of the deal.