The prime minister and Opposition Leader Peter Dutton have both backed in Ukrainian President Volodymyr Zelenskiy following a heated White House meeting with US President Donald Trump, who threatened to stop support for the European nation's defence efforts.
Mr Albanese said the government had not been approached with any requests yet, but was open to potential peacekeeping operations.
"There are proposals being discussed. If a request is made, then we would give consideration to it," he told reporters in Sydney on Tuesday.
"Australia has historically played an important role in areas, including in Africa, in Cyprus, in a range of peacekeeping areas.
"We want to see peace in Ukraine. But we want to make sure that the illegal, immoral actions of Russia are not rewarded, and that Vladimir Putin and his designs - which are imperialistic, not just on Ukraine, but on other countries - are not rewarded or encouraged."
On the divergence between Australia and the United States, Mr Albanese said the alliance remained important to the nation.
"Australia determines our foreign policy," he said.
"We do it in Australia's national interests. And it is in Australia's national interest to stand with Ukraine, and that's what my government is doing."
Australia has committed $1.5 billion in aid to Ukraine since Russia's full-scale invasion three years ago.
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