Waugh told reporters at the unveiling of the 2027 Rugby World Cup host cities in Sydney that RA's talks with Schmidt were tracking well.
Schmidt initially signed a two-year deal - up until the end of this year's British and Irish Lions tour - following Eddie Jones's departure from the Wallabies gig.
The new Super Rugby season kicks off on February 14, giving RA bosses a little over two weeks to come to an agreement with 59-year-old Kiwi Schmidt.
"Our ambition was to get to a position with Joe before the end of last year," Waugh said.
"It's obviously taken a little bit longer but we are working through those conversations constructively.
"We're hopeful we'll be able to share a position reasonably soon.
"Ideally we'd have a position before Super Rugby - and we're really excited about what Super Rugby is going to deliver this year - and we don't want to distract from the start of Super Rugby on February 14."
Australia's recent Spring Tour - which included wins over England and Wales and a narrow loss to Ireland - has increased optimism over the direction of the Wallabies under Schmidt.
But the former Ireland coach has been reluctant to commit beyond this winter's Lions tour due to the health of his adult son, who lives with a severe form of epilepsy that requires round-the-clock regular care and support.
Waugh claimed the only reason Schmidt's future had not been ironed out was due to both the Wallabies coach and several key RA staff being on leave after the Spring Tour.
RA boss Waugh said there was scope for Schmidt to remain involved with the Wallabies set-up heading into the 2027 World Cup, even if it meant him taking a step back from day-to-day coaching.
"I have said from the start that I'm happy to be creative," Waugh said.
Rugby Australia CEO Phil Waugh is willing to be creative with Joe Schmidt's position. (Joel Carrett/AAP PHOTOS)
"I think the most important aspect of Joe's inclusion in the environment is his positive influence he has culturally.
"If we can have Joe influencing our environment positively then that's a good outcome."
Waugh also downplayed concerns Schmidt's uncertainty over his commitment could impact the decisions of Wallabies players looking to finalise their own futures at club level beyond the Lions tour.
"I think providing certainty for players is very important," Waugh said.
"But as a player the most important thing was representing your country and putting on a gold jersey and that was my focus as a player.
"I think a culture is starting to be bred through these players that is similar to that.
"It's important for us to provide certainty and clarity to players and we'll be doing that as soon as we can."
