Los Angeles Superior Court Judge Michael Whitaker approved the settlement, which calls for Renner to pay his wife $13K a month in child support.
Pacheco, a model, filed for divorce from 44-year-old Renner in early December, less than a year after the pair had a secret wedding.
A hearing had been scheduled for Thursday in the pair's custody dispute. Both sides had each raised issues with the other's parenting of their daughter.
As part of the agreement, Renner and Pacheco agreed not to make disparaging remarks about their former partner in front of their daughter and will fashion a parenting plan along with a therapist.
The settlement also lays out how Renner can make up time with his daughter when he is out of Los Angeles on film shoots.
Renner hugged his attorney Laura Wasser after the settlement was approved.
The American Hustle star had been prepared to testify at a hearing on child support and custody issues, but the proceedings were delayed while negotiations were ongoing.
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