However, a western diplomat "deplored" the move, telling AFP that the document was "just as problematic" as the one proposed by Sri Lanka and its allies ahead of the meeting.
The proposal "condemns" all Tamil Tiger attacks and "welcomes... the liberation by the Government of Sri Lanka of tens of thousands of its citizens that were kept by the LTTE against their will as hostages, as well as the efforts by the Government to ensure safety and security for all Sri Lankans and bringing permanent peace to the country."
It also "commends" the measures taken by Colombo to address the needs of those displaced by the civil war.
"We deplore strongly the attitude and method taken by Sri Lanka," said the western diplomat, saying that Colombo's new draft text failed to take into account "any of the essential points" raised by Western and Latin American states.
Western states and their allies want a resolution to require an investigation into "all allegations" of human rights violations committed during the nearly three-decade war.
They also want the Sri Lankan government to ensure the freedom of displaced people and access to drinking water and sanitation.
Uruguayan ambassador Alejandro Artucio Rodriguez said Sri Lanka was committing "a serious political error" by not accepting proposed amendments.
"They have won the war. It's time to show a sign of being open," he said.
Meanwhile, in his address to the council, US diplomat Mark Storella urged the 47-member assembly to reach a compromise, saying the United States "believes there is a basis for consensus."
When opening the special session on Tuesday, UN human rights chief Navi Pillay called for an international probe into attacks on civilians during the final stages of the civil war in Sri Lanka.
"There are strong reasons to believe that both sides have grossly disregarded the fundamental principle of the inviolability of civilians," she said.
On Tuesday, Sri Lanka's Human Rights Minister Mahinda Samarasinghe said he was confident of averting an international investigation.
"There is no reason for a probe. These are political statements made by various people. I don't think we should get excited about it," Samarasinghe said.
If a compromise on the Asian and Western proposals is not found, Sri Lanka's version of the resolution would be submitted for adoption by the Council since it was tabled first.
Earlier Wednesday, the international Red Cross said it was still seeking access to all camps for displaced people and internees in northeast Sri Lanka, where relief needs were not being met.
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