Women who suffer hot flashes commonly experience sudden onset feelings of heat, which may be associated with profuse redness in the face, neck and accompanied by a sweating sensation.
Positive reports are emerging from the Royal North Shore Hospital in Sydney.
Dr Rodney Baber, leading the trial, said the drug could revolutionise the way menopause is treated.
"What makes it different is that it's not a hormone replacement therapy," he said.
"We believe it could be effective in relieving hot flashes."
Traditional HRT drugs have been linked to increasing the risk of some cancers.
But Dr Baber said the new medication had shown it reduces the occurrence of breast cancer.
"Women experiencing post-menopausal symptoms know how uncomfortable it can be," he said.
"We think that it will alleviate hot flashes and still have no harmful affects.
"We want to find a drug that is non-HRT to give women more choices."
Some women report adverse effects while taking hormone replacement drugs.
Julie Ozard, of Cremorne, was lucky to only suffer minimal hot flashes and symptoms while she went through menopause.
Ms Ozard, 51, was implanted with an oestrogen-producing device after she had a hysterectomy in her 30s. "I went through menopause for 14 years," she said.
"I was lucky though compared to my friend who has severe and debilitating hot flashes.
"I think this (drug) would be wonderful for women who can't take HRT and suffer symptoms."