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The competition is set to start in 2020 and Glamorgan will bid for their Cardiff home to be among eight new city venues playing 36 games in 38 days.
The host city bidding process starts on Wednesday, 29 March.
"I think it's exciting for the game of cricket," Rudolph told BBC Wales Sport.
"Potentially the ECB realise that in terms of T20 competitions around the world they're just lagging behind, and they need something new to try and bolster county cricket."
Squads of the eight T20 teams will be made up of 15 players and include three overseas players.
That will leave 96 players being selected from the 18 counties, which averages out at just over five apiece.
"I think it's potentially a great incentive for young players coming through the ranks, the young Aneurin Donalds and Kiran Carlsons [both Glamorgan players] of this world," added Rudolph.
"I don't think I will be around that time, but I'm happy for guys who can potentially play in that."
ECB chief executive Tom Harrison hopes the new competition will rival the Indian Premier League and Big Bash in Australia as the leading T20 tournaments in the world.
On Monday, the ECB presented a detailed overview of its proposals for a new Twenty20 competition to its 41 members. These included:
A referendum has been sent out, inviting stakeholders to sanction a tournament including eight teams, rather than the 18 counties, who traditionally contest the main domestic competitions.
The ECB is made up of 41 stakeholders, which includes the 18 first-class counties, the MCC, the Minor Counties Cricket Association and the recreational boards, and a minimum of 31 will need to vote in favour for the plans to progress.
"I will ask the ECB board to trigger a change in our Articles of Association to enable the introduction of the proposed new T20 competition," said ECB chairman Colin Graves.
"We face a ground-breaking opportunity in the weeks and months ahead - and if our members embrace it, the ECB will work with everyone in the game to ensure this huge potential and the investment that will come with this delivers an even stronger future for the game."
Glamorgan captain Jacques Rudolph believes the new Twenty20 tournament planned by the England and Wales Cricket Board (ECB) could benefit the county game.