The meeting, which is set to begin at 11:00 am (1500 GMT), was called at Washington's request. Diplomats say they expect Russia to veto the resolution.
The resolution was drafted by the United States in very measured terms so that it could be accepted by Beijing.
It does not target Russia specifically and does not explicitly call for Russian troop reinforcements to withdraw from Ukraine's Crimean peninsula, where Moscow has military bases.
It also does not threaten sanctions.
From a tactical point of view, Western diplomats hope the council will back the resolution before the referendum takes place on Sunday in the autonomous region that has a large ethnic Russian population.
The draft resolution declares that the referendum "can have no validity and cannot form the basis for any alteration of the status of Crimea."
It calls on states to refrain from recognizing the result and from "any action or dealing that might be interpreted as recognizing any such altered status."
The resolution also reaffirms commitment to the "sovereignty, independence, unity and territorial integrity of Ukraine within its internationally recognized borders."
At the United Nations on Saturday March 15,2014 Russia vetoed a Security Council resolution declaring the referendum illegal.
China, its ally, abstained and 13 of the 15 other nations on the council voted in favour - a signal of Moscow's isolation on the issue.
Speaking ahead of the vote, Russian Permanent Representative to the UN, Vitaly Churkin, said it was “no secret” that Russia was planning to vote against the draft. He added that Moscow would respect the decision of the Crimeans but could not accept the basic assumption of the draft resolution which aimed “to declare illegal the planned March 16 referendum where residents of the Republic of Crimea should decide on their future”
Liu Jieyi, Permanent Representative of China to the UN, said after the vote that Beijing sought a “balanced” solution to the conflict within a framework of law and order. He called for the creation of a coordination group, a support package for Ukraine, and also called on countries to refrain from action which could further escalate the conflict.
USA Permanent Representative Samantha Power, whose country sponsored the resolution, said the text was aimed at finding a principled and peaceful solution, and upheld UN principles on the sovereignty of its Member States.
United Kingdom's Mark Lyall Grant said the result of today's vote highlighted Russia's isolation over Crimea within the Council and from the international community.
Gérard Araud of France quipped that Russia “vetoed the UN Charter” with its “no” vote.
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