The £6.5 million Stratford Parkway development at Bishopton is intended to boost the frequency of trains to Birmingham and to reduce traffic on local roads.
A report issued by the council notes that 20 per cent of morning peak commuter journeys into Birmingham city centre are made by train and points to continuing growth in rail journeys for retail, leisure and social purposes.
As a result it forecasts that 140,000 journeys would be made via the station annually, providing a cost-benefit ratio of 2:8.
Warwickshire senior transport planner Tom Pierpoint explained: "Stratford Parkway would aim to deliver a shift away from car use and increase accessibility to the rail network."
The response to the scheme from local communities has been positive although concerns have been raised over traffic levels and the future of the existing station, he said.
The two stations would fulfil different roles and the increased frequency of the service would benefit both rail terminals, he added.
Visit Stratford-upon-Avon managing director Mike Flowers said: "If the project has no detrimental effect on the existing station, it will be a good thing. It will bring in more trains and take cars off the road."
The DfT has agreed to invest £5 million in the project and an application is expected next January.